ZipCar Zips Lower: Tech Winners & Losers
NEW YORK (TheStreet) --
ZipCar (ZIP) tumbled 36.50% to $6.75, a new all-time low, on Friday after falling short of analysts' second-quarter estimates and relaying a disappointing outlook for the third-quarter and the rest of the year.
The car-sharing network reported a penny of earnings on $70.8 million of revenue for the second quarter. For the third-quarter, the company expects to generate between $74 million and $77 million of revenue, and for the full year, between $272 million and $278 million. Analysts surveyed by Thomson Reuters expect $80.27 of revenue for the third quarter and $285.80 for the full year.
Investor confidence in LinkedIn (LNKD) sent shares soaring 16.04% to $108.51 on Friday. Not only did the professional network release strong second-quarter earnings on Thursday, but a positive outlook for the rest of 2012.LinkedIn revised its guidance for third-quarter, predicting sales of $235 million to $240 million. Analysts surveyed by Thomson Reuters expect 16 cents a share on $236.06 million in revenue. LinkedIn expects revenue to be between $915 million and $925 million for 2012, up from the prior range of $880 million to $900 million.
Facebook (FB) rallied after hitting a new 52-week low of $19.82 on Thursday. Earlier this week, the Menlo Park, Calif.-based social network reported that almost 9% of its active user accounts are fake. Shares closed up 5.24% on Friday to finish at $21.09.
Electronic Arts (EA) filed a lawsuit against social gaming company Zynga (ZNGA), claiming The Ville infringes on copyrights to its Facebook game, The Sims Social. Shares of Electronic Arts closed up 5.28% to $11.97 and Zynga gained 0.74% to $2.72. Earlier in the week, Zynga reached an all-time low of $2.66. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepont
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