Trivago NV – ADR (NASDAQ:TRVG) unveiled its quarterly earnings today, sending shares plummeting.

The company said that its third-quarter miss was caused mostly as it was unable to pull back certain planned TV ads swiftly enough to counteract the reduction in RPQR (revenue per qualified referral).

Earnings came in at a loss of two cents per share, which came in ahead of the Wall Street consensus estimate of a loss of four cents per share. The figure was twice as wide as the year-ago loss of a penny per share.

Revenue was better for the period, surging 16.7% compared to the year-ago period to $287.90 million. Analysts were calling for revenue of $286.70 million for the quarter.

The stock hit a record low of $8.38 following its slump, which now marks the seventh day in a row in which the company has traded below its IPO price of $11. Trivago has issued a warning for its fiscal 2018, noting that there will be now growth during the first half of the year.

The company added that it expects to return to growth during the second half of the year. The quarterly losses came in a number of categories as the RPQR decline came due to a drop in advertisers’ cost-per-click bids, as well as higher volatility due to Trivago’s landing page changes.

Its 2017 revenue has been reduced to a growth of 36% to 39% from its estimate of around 40% in July. Trivago also noted a drop in concentration of revenue generated by its largest advertisers during the first weeks of its fourth quarter.

TRVG shares fell 22.5% on Wednesday.