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Photo Illustration by Thiago Prudêncio/SOPA Images/LightRocket via Getty Images

LinkedIn surpassed $3 billion in advertising revenue within the last 12 months, its parent Microsoft announced Tuesday.

Why it matters: LinkedIn's ad business is slightly bigger than that of other social media giants, like Snapchat, which brought in $2.8 billion in the last 12 months.

Details: In total, Microsoft says LinkedIn is growing its ad business nearly three times faster than its competitors in the business-to-business digital ad market.

  • LinkedIn's ad revenue arm, called "LinkedIn Marketing Solutions," increased revenues by over 60% year-over-year. LinkedIn's total revenue increased 16% for the quarter.
  • Its growth was fueled by increases in engagement, which was in part driven by new products, such as LinkedIn "Stories" and livestreams.

By the numbers: In total, Microsoft says conversations on the platform increased by 43% last quarter and the amount of content shared increased by 29%. The number of hours spent on LinkedIn Learning, LinkedIn's education content program, increased 80%.

The big picture: LinkedIn brought in roughly $2 billion in ad revenue in 2018. While its ads business is growing rapidly, it's still just a small part of Microsoft's total revenue.

What's next: Microsoft's CFO Amy Hood says LinkedIn's ad business should benefit from a positive outlook for digital advertising for the year.

Go deeper

Apr 27, 2021 - Economy & Business

Alphabet stock spikes on strong Q1 revenue growth

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Google's parent company Alphabet blew past Wall Street expectations on revenue and earnings per share during the first quarter, the tech giant said Tuesday.

Why it matters: Much of that growth can be attributed to YouTube, which grew its revenue by nearly 50% year-over-year last quarter.

Big Tech earnings-palooza arrives as Alphabet reports quarterly sales

Illustration: Aïda Amer/Axios

Big Tech had a record 2020. The party might not be over.

What's new: Alphabet just reported record first-quarter sales.

18 mins ago - World

Biden: "Israel has a right to defend itself"

President Biden during a news conference at the Eisenhower Executive Office Building in Washington, D.C., on Wednesday. Photo: Drew Angerer/Getty Images

President Biden told reporters Wednesday it's his "expectation and hope" that there will soon be an end to fighting between Israel and Hamas, which has killed scores of Palestinians and several Israelis.

Details: Biden, after speaking with Israeli Prime Minister Benjamin Netanyahu, said that he hoped the conflict would be "closing down sooner than later," despite Israel's government announcing plans to scale up its military offensive.