By Alexei Oreskovic
SAN FRANCISCO (Reuters) - LinkedIn Corp shares fell 10 percent on Thursday as its revenue forecast missed the high bar that Wall Street had set for the fast-growing social media company.
The online social network for professionals said current-quarter revenue would range from $342 million to $347 million, below the $359.3 million expected on average by analysts, according to Thomson Reuters I/B/E/S.
Although LinkedIn hiked its full-year revenue forecast by $20 million on Thursday, the high end of the forecast range was below the average analyst estimate of $1.49 billion.
"The stock is somewhat a victim of its own success," said Needham & Co analyst Kerry Rice.
"They had a really big acceleration in Q4," said Rice. "So I think the market kind of expected similar results in Q1 and throughout 2013."
Shares of LinkedIn have surged about 74 percent this year in a mostly disappointing social media sector.
The company said net income for the first quarter rose to $22.6 million, or 20 cents a share, from $5 million, or 4 cents a share, over the same period. Excluding certain items, LinkedIn said it earned 45 cents a share in the first quarter, well above the 31 cents expected by analysts.
Revenue in the first three months of the year rose 72 percent to $324.7 million from $188.5 million in the year-ago period.
LinkedIn shares slid about 10 percent to $181 from a close of $201.67 on the New York Stock Exchange.
(Reporting by Alexei Oreskovic; Editing by Richard Chang)