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ValueClick (VCLK) this morning is sending a shudder through the online advertising market.

The company warned
that it now sees Q2 revenue of $163 million to $164 million, down from its previous guidance of $166 million to $170 million. VCLK, an oft-rumored takeover target that is one the largest remaining independent online advertising companies, actually raised its EPS guidance to 17-18 cents from 15-16 cents; but the top-line problem is troubling the Street.

More troubling: for the full year, VCLK cut its revenue guidance to $655 million to $675 million, from $730 million to $745 million. EPS guidance drops to 69-71 cents, from 81-83 cents.

VCLK said that “the macroeconomic environment negatively impacted revenue in the quarter, primarily in the U.S. comparison shopping and U.S. display advertising businesses.” The company said its lead generation revenue was flat sequentially. The above-guidance Q2 EPS performance reflected “expense management initiatives int he quarter, the company said.

“Due to increasing macroeconomic uncertainty, we no longer anticipate the seasonal strength in ad spending we typically see in the second half of the year,” CEO Tom Vadnais said in a statement. That bodes ill for a host of companies, including Yahoo (NASDAQ:YHOO) and Google (NASDAQ:GOOG).

VCLK will announce final results on July 31.

This morning, VCLK is down $2.59, or 18.8%, to $11.18.

UPDATE: LookSmart (NASDAQ:LOOK) also warned this morning, citing “an unanticipated softening in search advertising demand.”

Source: ValueClick, LookSmart: Trouble in Online Ad Market?