Online advertising company ValueClick Inc. (VCLK) on Monday announced preliminary fourth quarter revenue, which came within the guidance range it provided in October but fell short of analysts' consensus estimate.
The Westlake Village, California-based company announced preliminary fourth quarter revenue of $130.16 million, compared to revenue of $150.09 million reported in the fourth quarter of 2008. In October, the company said it expected fourth quarter revenue in the range of $128 million to $138 million.
Analysts polled by Thomson Reuters currently expect the company to post revenue $133.07 million for the fourth quarter.
Tom Vadnais, chief executive officer of ValueClick, said, "Our preliminary fourth quarter results illustrate the success of our continuing operations, and our stock repurchase program activity shows our confidence in the competitive position of our core businesses going forward."
The company said its display, affiliate marketing and technology businesses performed above its expectations in the fourth quarter, with sequential revenue growth of 30%, 20% and 13%, respectively.
ValueClick also announced preliminary full year 2009 revenue of $525.73 million, a 16% drop from 2008 revenue of $625.81 million. Analysts currently expect the company to post revenue of $528.66 million for the full year 2009.
Additionally, ValueClick said it is divesting its Web Clients promotional lead generation business in continuation of its strategy to focus on growing its core online marketing services and technology businesses through organic initiatives and acquisitions. ValueClick shares closed Monday's regular trading session at $9.56, up 31 cents or 3.35% and gained an additional 30 cents or 3.14% in after hours trading.
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