Even the people behind the world’s largest professional network have bad days at work, and today might be one of them: LinkedIn stock dropped 45% in one day.
What happened? Yesterday, the company told investors that projected first quarter revenue is $820 million. But the Wall Street Journal reports that investors had expected first quarter revenue to reach $867 million. LinkedIn further projected that it would bring in $3.6 to $3.65 billion in revenue for all of 2016, far short of Wall Street’s expectation that the company would see $3.91 billion in revenue.
The selloff is LinkedIn’s largest ever one-day loss, the WSJ says. As of 2:41 pm, the stock is selling for $105.15 a share, down from $201.65 this morning and $276.18 in February of last year.