LinkedIn has seen its share price slump by 11 per cent after investors were spooked by slowing growth at the social networking site, despite sales in the first quarter of $324.7m.
This figure represents a year-on-year growth rate of 72 per cent and exceeds analysts’ estimates of just $317m.
Nevertheless a mood of pessimism hit the firms stock in the expectation that next quarters figures will falter after LinkedIn estimated sales of between $342m and $347m – just 50-52 per cent higher than the equivalent figure a year ago.
LinkedIn states that it has now reached 225m users and has launched a range of new products over the last few weeks; including media-centric profiles, improved contacts management and updated smartphone apps.