LinkedIn, cloud lead tech stock decline
Investors can't disconnect from LinkedIn stock fast enough.
Shares of the professional social network plunged 40% in midday trading last Friday, leading an overall slide in technology stocks along with declines among cloud computing companies. LinkedIn shed more than $10 billion in value, the biggest one-day drop for the company since it went public.
If LinkedIn's decline holds at Friday's close, shares will be down nearly 50 per cent for the year.
During its fourth quarter earnings call Thursday, LinkedIn reported first-quarter revenue guidance of $820 million, a huge miss from the $867 million investors projected. But LinkedIn CEO Jeff Weiner was optimistic about the year ahead. "We enter 2016 with increased focus on core initiatives that will help drive growth and scale across our portfolio," said Weiner in a statement.