Here's Why DoubleVerify Stock Dropped Today
Shares of advertising-technology company DoubleVerify (NYSE: DV) dropped on Thursday after the company reported results for the fourth quarter of 2023. Its report was pretty good, but management is guiding for its slowest top-line growth as a publicly traded company, which is why the market isn't happy. As of 1 p.m. ET today, DoubleVerify stock was down 17%.
DoubleVerify is an adtech that makes sure that money is being spent as the advertisers intended. Business has been good: The company enjoyed year-over-year revenue growth of 29% in the fourth quarter, which was what management expected. For the year, the company generated revenue of $573 million, a 27% improvement from 2022.
Profitability was also better than expected. Management had predicted fourth-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $61 million, at best, but the company surprised with adjusted EBITDA of over $65 million.
Source Fool.com
