MOUNTAIN VIEW, Calif. (AP) - 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 on Friday.
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.
(c) 2013 Tulsa World. Provided by ProQuest LLC. All rights Reserved.
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