Why DoubleVerify Stock Got Crushed Today
Shares of advertising technology (adtech) company DoubleVerify Holdings (NYSE: DV) got crushed on Wednesday after the company reported quarterly financial results and reduced its full-year revenue guidance. As of noon ET, DoubleVerify stock was down a staggering 39%.
Financial results for the first quarter of 2024 weren't bad at all for DoubleVerify. Management expected revenue of $140 million, at best, for the quarter, and the company generated almost $141 million. Moreover, it was a profitable quarter, with $7 million in Q1 net income, which is good for a young, growing company.
The problem for DoubleVerify wasn't the Q1 report but, rather, the expectations for the rest of 2024. Management originally thought it could grow full-year revenue by about 22% year over year. But now it's expecting closer to 17% growth -- and that's a decent reduction.
Source Fool.com
