(Reuters) - Rocket Fuel Inc FUEL.O, which provides technology for Web-based video advertising, forecast current-quarter revenue far below analysts’ expectations, sending its shares down 28 percent in extended trade.
The company said it expects second-quarter revenue to be between $88 million and $92 million. Analysts on average were expecting $101.8 million, according to Thomson Reuters I/B/E/S.
As well, the company’s first-quarter net loss grew to $11.2 million, or 33 cents per share, from $8.1 million, or 97 cents per share, a year earlier, as operating expenses doubled.
Redwood City, California-based Rocket Fuel’s shares trading at $20 after the bell on Thursday. They closed at $27.81 on the Nasdaq.
Reporting By Aurindom Mukherjee in Bangalore; Editing by Saumyadeb Chakrabarty