LinkedIn Corp. (LNKD, Financial) is the dominant online platform for professional networking with more than 350 million registered members. Underperformance in the quarter stemmed from disappointing recent results, when the company lowered its revenue and profit guidance because of foreign exchange rates, an internal sales force transition, weakness in its display advertising unit, and the unexpected accounting treatment of a recent acquisition. We continue to hold the company’s shares because we believe it is a unique platform asset that remains in the early stage of monetizing multiple markets, including the $27 billion talent acquisition market and the $25 billion business-to-business advertising market.
From Baron Funds' second quarter commentary.
