Cardlytics (NASDAQ:CDLX) stock is falling hard on Thursday after the advertising platform operator released its latest earnings and announced a leadership change.
The bad news in the earnings report starts with its revenue of $69.64 million. That’s lower than the $75.37 million that Wall Street was expecting. On top of that, it represents a 9% decrease year-over-year from $76.7 million.
However, Cardlytics also reported an adjusted loss of 15 cents per share in its latest quarter. That’s better than the adjusted loss of 20 cents per share Wall Street was expecting. For comparison, the company’s adjusted loss per share from the same period of the year prior was 24 cents.
Cardlytics Chief Financial Officer Alexis DeSieno said the following in the earnings report:
“While we observed strong growth in redemptions, our results were challenged by slower-than-anticipated billings growth coupled with higher consumer incentives. We remain confident that our improved balance sheet continues to support investment in the business.”
CDLX Stock: CEO Change
On top of that mixed earnings report, Cardlytics announced that current CEO Karim Temsamani is stepping down. The company notes this is due to Temsamani pursuing another professional opportunity.
Amit Gupta, Chief Operating Officer and general manager of Cardlytics’ subsidiary Bridg, will replace Temsamani. The new CEO will take over this position on Aug. 16 and join the board of directors at the same time.
CDLX stock is down 56.6% as of Thursday morning.
Investors will want to keep reading for even more of the most recent stock market stories today!
We have all of the hottest stock market news traders need to know about on Thursday. A few examples include what’s going on with shares of Anew Medical (NASDAQ:WENA) and Conduit Pharmaceuticals (NASDAQ:CDT) stock, as well as the biggest pre-market stock movers this morning. All of this info is ready to go at the links below!
More Thursday Stock Market News
- Why Is Anew Medical (WENA) Stock Up 37% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
