LinkedIn loses $10B in market cap; cloud stocks hit hard

Investors can't disconnect from LinkedIn stock fast enough.

Shares of the professional social network (LNKD) plunged 42% in midday trading Friday to $112.02, leading an overall slide in technology stocks along with declines among cloud computing companies. LinkedIn shed  $10 billion in value, the biggest one-day drop for the company since it went public.

If LinkedIn's decline holds at Friday's close, shares will be down nearly 50% for the year.

During its fourth quarter earnings call Thursday, the company led by CEO Jeff Weiner reported first-quarter revenue guidance of $820 million, a huge miss from the $867 million investors projected.

The weak outlook pushed analysts to downgrade the stock, as fears surface over LinkedIn's growth. "Looking more closely at the long-term product roadmap, the path to engaging new groups of power users (B2B marketers, salespeople) has been bumpier than expected," said Daniel Salmon of BMO Capital Markets.

Tech-stock wreck destroys $529B this year

Also dragging on tech stocks is Tableau Software, which dove nearly 50% after reporting a loss of $41 million in the fourth quarter. Tableau's miss also pulled shares of other cloud companies lower, including Salesforce.com CRM (down 12%) and Workday WDAY (down 12.7%).

Meanwhile, the combination of FANG -- Facebook, Amazon, Netflix and Alphabet (formerly Google) -- continues its 2016 slump. Netflix is the biggest loser (NFLX), down 6%, while Facebook (FB) and Amazon (AMZN) were down 5%.

Tech-stock wreck destroys $529B this year

Follow Brett Molina on Twitter: @brettmolina23.