LinkedIn shares are in freefall after issuing downbeat financial forecast
LinkedIn shares are plummeting, down 37 per cent as markets opened in the US.
The falling share prices comes after LinkedIn issued a downbeat financial forecast for 2016.
The social media giant said it forecast earnings of $0.55 per share, well below analysts' expectations of $0.74 per share.
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The company was let down by its revenue guidance for the first quarter of 2016, which it put at $820m, well below the consensus estimate of $866.9m. It also expects adjusted profit of about 55 cents per share, way below the average analyst estimate of 74 cents.
But chief executive Jeff Weiner said: "We enter 2016 with increased focus on core initiatives that will help drive growth and scale across our portfolio."