This is the first time that LinkedIn has disclosed its premium subscription income since being acquired by Microsoft. The job-networking platform said on Thursday that its premium customers brought in $1.7 billion for the company in 2023.

Thanks in part to its AI technologies, the number of subscribers increased by 25% annually. More than 70% of LinkedIn's premium customers utilize its AI features to assist with writing posts and comments as well as for profile suggestions, according to a post by COO Dan Shapero.

Additionally, according to early studies, 90% of members who have access to our AI-powered employment experience found it beneficial. Microsoft disclosed in January that LinkedIn's membership growth had surged for more than two years, and the company's revenue had increased by 9% in the most recent quarter.

Since Microsoft acquired LinkedIn in 2016 for $26.2 billion, the amount of income that the firm has made has not been disclosed. The monthly fees for LinkedIn's "Premium Career" and "Premium Business" services are $29.99 and $59.99, respectively.

Shapero, a LinkedIn employee since 2008, added that further AI functions were in the works. Microsoft has been working to implement AI capabilities, as previously reported by Business Insider. Senior executives urge staff members to take a "scrappy" approach to engineering.

We want to help you succeed in your career, business, or job hunt, so expect to see more updates from us. Shapero said that we can leverage AI to further boost your success. In two rounds of layoffs that occurred in May and October of last year, LinkedIn let go of over 1,400 employees.

When a mystery list of almost 500 names appeared on the anonymous workplace site Blind the weekend before the layoffs were announced, several employees learned about the October layoffs sooner than anticipated.

October Update, a list of names generated by LinkedIn's HR department on GroupID, a third-party platform that enables the business to generate distribution lists, was then made public on Blind.
When Business Insider reached out to LinkedIn for comment outside of regular business hours, the company did not answer right away.