New Delhi : Business-oriented social networking service LinkedIn Corp’s shares plunged as much as 43 percent after it’s revenue forecast fell far short of expectations.
The stock sank to a three-year low of USD 110.01 in early trading on Friday, registering its sharpest decline since the company’s high-profile public listing in 2011, the Guardian reported.
“With a lower growth profile, we believe that LinkedIn should not enjoy the premium multiple it has grown accustomed to,” Mizuho Securities USA Inc analysts wrote in a note.
“This would imply that LinkedIn will grow around 15 percent in 2017 and 10 percent in 2018,” the Mizuho analysts said.
In 2006, LinkedIn increased to 20 million members. As of October 2015, LinkedIn reports more than 400 million acquired users in more than 200 countries and territories. In June 2011, LinkedIn had 33.9 million unique visitors, up 63 percent from a year earlier and surpassing MySpace.
LinkedIn filed for an initial public offering in January 2011 and traded its first shares on May 19, 2011, under the NYSE symbol “LNKD”. (ANI)