The professional social networking website’s stock plummeted to three-year low of $110.01 after revenue predictions fell much shorter than expectedLinkedIn Corp’s shares plunged as much as 43% on Friday,wiping out nearly $11bn of market value, after the social network for professionals shocked Wall Street with a revenue forecast that fell far short of expectations.
The stock sank to a three-year low of $110.01 in early trading, or registering its sharpest decline since the company’s tall-profile public listing in 2011. At least seven brokerages downgraded the stock from “buy” to “hold” or their equivalents,saying the company’s lofty valuation was no longer justified. Continue reading...
Source: theguardian.com