85.7 F
San Fernando
Friday, Mar 29, 2024

Down Economy Hits ValueClick Profits

The sluggish economy contributed to online marketer ValueClick Inc. posting a 6 percent drop in net income for the second quarter when compared to a year ago. While economic uncertainty will make revenue growth tough in the second half of the year, the Westlake Village-based company has taken steps to drive long-term growth, CEO Tom Vadnais said. “We are accelerating initiatives to increase synergies among our businesses, and we have been active in our stock repurchase program,” Vadnais said. The company has repurchased approximately 10.6 million shares for $134.2 million through July 30. For the second quarter ending June 30 ValueClick reported net income of $16.5 million, or $0.17 per diluted share, on revenues of $168.9 million. For the same period a year ago, the company posted net income of $17.6 million, or $0.17 per diluted share, on revenues of $148.7 million. Two weeks ago ValueClick updated its second quarter and full year guidance range because of lowered expectations for a high amount of ad spending typically seen in the second half of the year. Shares in ValueClick closed down at $11.90.

Featured Articles

Related Articles