Last week, Wall Street report showed a huge nose dive in LinkedIn’s stocks after earnings. The company that provides a professional social network saw a 44% crumble in the quarterly financial results, even worse is that the stock declined an additional 9% on that same Tuesday. This fall surprised even LinkedIn’s CFO Steve Sordello. Who remarked “We really haven’t seen anything fundamentally change in the business,” Sordello said.
Following the disappointing stocks market score card, LinkedIn’s CEO, Jeff Weiner, attempted to encourage the firms employees in a bid to remind them that to win through the season wasn’t more “about whether or not you’ll experience this issue, but how you get through it.”
In a pep talk video during all-hands meeting last week,
“We are the same company we were the day before our earnings announcement. I’m the same CEO I was the day before our earnings announcement. You’re the same team you were the day before our earnings announcement. And most importantly, we have the same mission, vision, and sense of purpose in terms of our ability to create economic opportunity. None of that has changed. It hasn’t changed one iota.”
The Linkedin CEO Jeff Weiner even went further to quote a World Economic Forum report which showed that 5 million jobs would be displaced by emerging technologies by 2020. Innovation is moving too fast and outstripping the ability to train people for the jobs that will be here in the future, he said, summarizing the report.
“Does that sound familiar to anyone?” he said with a smile. “It should, because that’s been our narrative for years.”
Weiner’s candid remarks give one of the rarest moves that some of the tech industries’ biggest names are handling a near sudden and gross investor sentimental.
The CEO told his meeting that he believes that LinkedIn’s role will still be helping people in the workforce keep up with innovation also hinting at a new holistic plan for the company achieve that. The short video published online ends before that plan was revealed by the CEO where Weiner promises that if the firm executes on it, “our valuation will take care of itself.”
Watch the video by Linkedin CEO Jeff Weiner
The social network for professionals lost more than 40% of its value in one day, slicing $10 billion off its market cap.