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DoubleVerify shares plummeted Friday after the developer of software for digital media posted weaker-than-expected results for the fourth quarter and offered a soft outlook.
DoubleVerify said it didn’t get the post-election ad sales rebound it had hoped for.
CEO Mark Zagorsk said DoubleVerify suffered from «variability in the market.»
DoubleVerify (DV) shares tumbled Friday after the developer of software for digital media posted weaker-than-expected results for the fourth quarter and offered a soft outlook.
The company reported fourth-quarter net income of $23.4 million, with revenue rising 11% year-over-year to $190.6 million. Both figures missed analysts’ estimates compiled by Visible Alpha.
CEO Mark Zagorski said DoubleVerify faced «variability in the market” during the quarter, which was mainly driven by “the absence of a post-election rebound in ad spend.” He called the performance “disappointing,” but said it was caused by “isolated headwinds.”
The company projected current-quarter sales in the range of $151 million to $155 million and full-year revenue growth of 10% or approximately $722.5 million, below the analyst consensus.
DoubleVerify shares plunged over 30% in early trading Friday and have lost about half their value in the past year.
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