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Thursday, Mar 28, 2024

Poor Economy Cuts Into ValueClick Income

The weak economy continued to hammer away at net income of online marketer ValueClick Inc. The Westlake Village-based company reported a net income of $2 million, or $0.02 per diluted share, on revenues of $152.9 million for the third quarter ending Sept. 30. For the same period in 2007, the company had a net income of $16.8 million, or $0.17 per diluted share, on revenues of $156.9 million. The third quarter net income is an 88 percent drop from the $16.5 million in net income for the second quarter. The company attributed the income decrease to weakness in the comparison shopping and search business units. A stock option tender offer and certain tax adjustments affected the net income per diluted share. In July, the company adjusted its guidance for the full year due to economic uncertainty cutting into the high amount of ad spending typically seen in the second half of the year. Shares in ValueClick closed down at $6.45.

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