LinkedIn Shares Slide as Outlook Falls Short

Thursday, 02 May 2013 05:38 PM

 

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LinkedIn Corp. continued its uninterrupted streak of beating analysts' expectations with its quarterly results on Thursday as earnings and revenue soared, but its outlook for the rest of the year disappointed Wall Street and its stock plunged in extended trading.

Shares of the online professional networking service fell $21.67, or 10.8 percent, to $180 after hours. The stock had closed above $200 for the first time after hitting a record high of $202.91 earlier in the day in anticipation of the results.

LinkedIn Corp. earned $22.6 million, or 20 cents per share, in the first quarter. That's up from $5 million, or 4 cents per share, in the same period a year earlier. Adjusted earnings were 45 cents per share in the latest quarter, well above analysts' expectations of 30 cents.

Revenue grew 72 percent to $324.7 million from $188.5 million. Analysts, on average, had expected revenue of $317.6 million, according to a poll by FactSet.

LinkedIn went public in May 2011 at a share price of $45. Its stock has soared since as the company has consistently beat expectations with its results.

But its forecast for the current quarter and the full year implied that this streak could end. The company said it expects revenue between $342 million and $347 million for the April-June period. Analysts had forecast $360 million.

For the full year, LinkedIn expects revenue of $1.43 billion and $1.46 billion, an increase of its previous guidance range by $20 million but still below analysts' forecast of $1.5 billion.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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