Shares of advertising technology company (NASDAQ: CDLX) imploded Thursday morning, falling 32% through 10:15 a.m. ET after reporting what -- in all honesty -- didn't look like much of a miss last night.

Expected to report quarterly sales of $71.7 million in Q1, Cardlytics said it booked only $67.6 million in sales. However, Cardlytics actually beat average earnings estimates, losing only $0.09 per share where Wall Street had forecast an $0.11 loss.

Now, this is not to say the news was good, exactly. The $0.09 loss that analysts are focusing on today was actually a non-GAAP number. When calculated according to generally accepted accounting principles (GAAP), Cardlytics' loss was a much steeper $0.56 per share -- and a reversal from last year's Q1 profit of $0.40 per share.

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Source Fool.com