Key Takeaways
- 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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