Pre-tax profits at the main Irish arm of jobs and professional networking social media platform LinkedIn last year decreased by 43.5% to $99.5m (€93.4m) due to higher costs.
New accounts show that LinkedIn Ireland Unlimited Company recorded the sharp downturn in pre-tax profits as revenues surged by $676.5m or 15% from $4.62 billion to $5.3 billion.The directors state that revenue increased"due to increases across all lines of business".
In another post balance sheet event, a note states that in April 2023, the Irish Data Protection Commission issued a draft decision alleging EU GDPR violation and proposed a fine. The Irish based business of LinkedIn manages the company's operations in Europe, the Middle East and Africa . The directors state:"This was achieved through continued investment on the LinkedIn platform and in marketing and advertising expenses."
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