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ValueClick forecasts weak revenue after first-quarter miss
(Reuters) - Online marketing services provider ValueClick Inc forecast second-quarter sales well below market estimates as it integrates its marketing, media and global service offerings, sending its shares down 14 percent in after-hours trading.
"Between the initiatives in the United States and now Europe, we are experiencing some of the anticipated indigestion from integration," Chief Executive John Giuliani said on a conference call with analysts on Tuesday.
"We think that's going to impact the (second-quarter) top line."
The company added that the worst was not over for it in Europe, in contrast to what it had said in February. ValueClick, however, gets almost all of its revenue from the United States.
ValueClick forecast revenue of $164 million to $168 million for the second quarter, below analysts' expectations of $175.6 million, according to Thomson Reuters I/B/E/S.
First-quarter revenue rose 13 percent to $165.4 million, but fell short of analysts' estimates of $166.7 million.
Net income rose to $26.3 million, or 34 cents per share, in the first quarter, from $21.6 million, or 26 cents per share, a year earlier. Excluding items, the company earned 42 cents per share.
Analysts on average expected an adjusted profit of 40 cents per share, according to Thomson Reuters I/B/E/S.
Shares of the company fell to $27.31 in after-market trading. They closed at $31.74 on the Nasdaq on Tuesday.
(Reporting by Sayantani Ghosh in Bangalore; Editing by Sriraj Kalluvila, Roshni Menon)
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