LinkedIn posts a loss despite 46% jump in revenue
Friday 02 May 2014
Professional social network LinkedIn has reported a $13.3 million loss despite revealing a higher-than-expected 46 per cent increase in first quarter revenue to $473.2 million.
It blamed expansion in China and acquisition costs for pushing it into the red.
LinkedIn also forecast annual sales of $2.08 billion, below the $2.11 billion expected by analysts.
The shares fell 2% in after-hours trading, adding to fears among investors that technology companies are trading at “frothy” valuations.
Wall Street triggered a global sell-off of high-growth technology and biotech stocks last month, with New York’s Nasdaq, home to the likes of Apple, Facebook and Google, the worst hit. In the UK the likes of ARM Holdings, Just Eat and AO World have suffered.
This week Twitter also fell to an all-time low of $37.24, less than half its post-Christmas high of $74.73, after revealing a slowdown in user growth.
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