Shares in web advertising firm DoubleClick tumbled 30% on Friday following release of its quarterly results.
The financial statement announced DoubleClick’s first profitable quarter, with operating profits of 3 cents per share. Although this matched the expectations of Wall Street, some analysts had hoped for more.
Chief executive Kevin Ryan remained upbeat. “Today, we have passed an important milestone for DoubleClick and our shareholders in achieving profitability”, he crowed.
The fall in share value reflects uncertainty over internet advertising amid fears that hard-up web firms are cutting marketing expenditure.
DoubleClick ended Q3 with revenues up 79% year-on-year.
News source: Financial Times