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ValueClick misses Wall Street's expectations, shares plunge by 17%
Today, the shares of ValueClick, a digital marketing corporation, plunged by 17% following the company's failure to meet the expectations of Wall Street. ValueClick's stock fell in the recent months due to concerns regarding the company's slowing growth.
The second quarter earnings posted by the company showed that its income slumped by 41% on a revenue bump of just 4%. Its administration said that weakness in the display business and the current realignment of the company's portfolio accounted for the poor results. The company adjusted its third quarter earnings per share estimate to US$0.39 to US$40 on revenue of US$164 million to U$168 million. The figure was below Wall Street's projection of US$0.43 and US$180 million respectively.
"Our significant affiliate marketing client wins during Q2 represent a great addition to our roster of direct, strategic relationships with major advertisers and provide us with an even stronger base for sustainable, profitable growth in the years to come," John Giuliani, ValueClick's CEO, said while reassuring the venture capitalists.
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