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Linkedin slashes profit outlook


economy

Linkedin slashes profit outlook

Linkedin became the third social network media company in a week to lose as much as a quarter of its valuation after reporting a weaker outlook.

The company said it expected to make between 670 and 675 million dollars in the three months to June, less than the 728 million dollars that had been expected.

Linkedin blamed the stronger US dollar and costs related to the 1.5 billion dollar purchase of the US online business Lynda which it announced last month.

Chief financial officer Steve Sordello said he expected revenue contribution from the purchase to “normalise” in the second half of 2016.

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