Shares of LinkedIn plunged more than 40 percent Friday, erasing $10 billion of its market capitalization after announcing weaker-than-expected forward guidance the previous evening.
The social media company reported fourth-quarter earnings and revenue that topped analyst estimates Thursday, but shares in the company tanked in after-hours trading. The slide continued into Friday's regular session, with shares on track for their worst daily performance since going public in 2011, amid a slew of analyst downgrades.
LinkedIn said Thursday that it had adjusted earnings of 94 cents per share on $862 million in revenue in the quarter. Analysts had expected the company to report earnings of about 78 cents per share on $858 million in revenue, according to a consensus estimate from Thomson Reuters.