DoubleVerify (NYSE:DV) stock is falling on Wednesday after the data analytics company released its earnings report for the first quarter of 2024.
The bad news for DV stockholders comes from its guidance in this report. That includes a Q1 revenue outlook of $152 million to $156 million. That’s going to miss Wall Street’s estimate of $158.54 million for the quarter.
DoubleVerify’s outlook for the full year of 2024 isn’t much better. it expects revenue for the period to come in between $663 million to $675 million. That would also have the company’s missing analysts’ revenue estimate of $696.11 million for the year.
DoubleVerify Chief Financial Officer Nicola Allais said the following about this outlook:
“We are adjusting our full-year 2024 guidance ranges to 17% revenue growth, and 31% adjusted EBITDA margins at the midpoints primarily due to uneven spending patterns among select large advertisers.”
DV Stock Earnings Results
The poor guidance drags down an otherwise solid Q1 earnings with EPS of 4 cents. That comes in above Wall Street’s estimate of 3 cents per share. However, it is down year-over-year from 7 cents.
Revenue for the quarter was $140.78 million, matching analysts’ estimates. It’s also a 15% increase from the first quarter of 2023.
DV stock is down 39.2% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
