LinkedIn (LNKD) Stock Plunges on 2014 Guidance
Shares of LinkedIn Corp. (LNKD) were trading at $207.79 off -15.66 or -7.01 percent in pre-market trading this morning, after the company announced fourth quarter and 2013 full year results after the market close yesterday afternoon. LinkedIn stock closed at $223.45, up +9.09 or +4.24 percent in Thursdayâ s regular trading session.
LinkedIn reported solid fourth quarter earnings and announced the acquisition of start-up Bright for $120 million. Despite an increase in revenue, investors sold the stock after the companyâ s 2014 forecast failed to meet expectations.
Mountain View, California based LinkedIn Corp. is a social network website catering to people in professional capacities. The company, founded in 2003, has grown exponentially, and as of last June, had a total of 259 million acquired users in 200 countries around the world. LinkedInâ s average net yearly profit has grown +139 percent every year and the firm is considered one of the most successful startups of all time. LinkedIn reported fourth-quarter profits of $3.8 million, or $0.30 per share, on revenues of $447.2 million. Profits were down -66.9 percent from a year ago, but revenue grew +47 percent. After a one-time charge, LinkedInâ s net income increased year on year to $48.2 million from $40.2 million. Jeff Weiner, CEO of LinkedIn said â
Published on Feb 7, 2014
By Jay Hawk