LinkedIn Losing Friends On Wall Street
MOUNTAIN VIEW (CBS SF) - Its been a brutal week for social media stocks, with LinkedIn (LNKD) joining Twitter and Yelp in big beatdowns on their earnings reports.
Each of the social media properties lost around a fifth of its market value in a single day of trading.
Mountain View-based LinkedIn is getting hammered after it offered weaker than expected guidance for the current quarter and full year, with the professionally-oriented social networker blaming the stronger dollar impacting overseas advertising, as well as a shift in clients to its newer products, impacting its Market Solutions revenue.
LinkedIn did top expectations in the first quarter with revenue up nearly 35-percent to $637-million, but it didn't provide an update to its user base other than repeating the 350-million number that was stated in the prior quarter.