LinkedIn Corp’s shares plunged as much as 43 percent on Friday, wiping out nearly $11 billion 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 $109.50, registering its sharpest decline since the company’s high-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.
LinkedIn Corp’s shares plunged as much as 43 percent on Friday, wiping out nearly $11 billion 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 $109.50, registering its sharpest decline since the company’s high-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.
Source: Reuters