LinkedIn, Apple, Zynga: Tech Premarket
NEW YORK (TheStreet) -- LinkedIn (LNKD) shares surged more than 10% in premarket trading Friday as investors responded to the company's strong fourth-quarter results.
The professional social network said Thursday it earned 35 cents a share in the fourth quarter on revenue of $303.6 million, well above Wall Street's forecast of 19 cents a share and sales of $279.52 million.
Revenue from LinkedIn's Talent Solutions business helped fuel the top-line growth, climbing 90% year over year to reach $161 million.
LinkedIn's first-quarter and full-year guidance also topped analysts' expectations, much to the delight of investors. Shares of the Mountain View, Calif.-based firm rose 10.19% to $136.73 before market open.
Apple (AAPL) shares gained 0.61% to $471.07 on Friday, just a day after David Einhorn asked shareholders to vote against the company's proposal to do away with preferred stock. In a letter, the star hedge fund manager described the proposal as restricting "the Board's ability to unlock the value on Apple's balance sheet." The Cupertino, Calif.-based firm quickly issued its own statement in response to Einhorn's statement. The tech giant was also one of the most active premarket Nasdaq stocks on share volume of 227,504. Apple shares closed up 2.97% during Thursday's trading. Zynga (ZNGA), which delivered strong fourth-quarter results earlier this week, rose 0.97% to $3.12. The social gamer was also the most active premarket Nasdaq stoc Friday on share volume of 459,769. Shares of Nuance Communications (NUAN), however, plunged 16.95% to $20.39 after the company missed Wall Street's fourth-quarter earnings estimates on Thursday. Nuance also issued first-quarter earnings guidance at the low end of analysts' forecast. For the full year, Nuance's outlook came in below both top- and bottom-line consensus estimates. The voice recognition specialist, which partners with Apple on the iPhone's Siri technology, saw its shares dip 0.24% during Thursday's trading. Riverbed (RVBD), which reported its fourth-quarter results after market close on Thursday, was another loser, diving 11.69% to $17.75 on a lackluster earnings forecast. BlackBerry (BBRY) shares gained 1.71% to $17.25 on share volume of 231,007. --Written by James Rogers in New York. Follow @jamesjrogersSelect the service that is right for you!
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