Bankrate reported that net income for the fourth quarter of 2015 was down $4.8 million. At the same time last year the company reported net income of $10.3 million. It claims changes in how Alphabet’s (GOOG,GOOGL) Google Compare service works negatively affected it.
Bankrate reported revenue of $93.4 million in Q4 2015. This is up from the $91.3 reported the same time last year, but it failed to meet Wall Street’s estimates of $134 million for the quarter.
Bankrate said that it’s unsure of its outlook in 2016 due to news that Google Compare is shutting down. However, it did say it expects revenue for Q1 2016 to be over $80 million. The company will report its 2016 outlook with its Q1 earnings report.
RATE shares were down 45% as of Noon Thursday.
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