DoubleClick's stock drops 34%

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DoubleClick announcement of third-quarter revenue gains was overshadowed by projections that fourth-quarter sales would be flat. That led already jittery investors to dump the stock. DoubleClick fell 34% Oct. 13 to close the day at $11.88. DoubleClick said it earned a three-cent profit per share on revenue of $135.2 million in the third quarter. The profit number was in line with the consensus estimate, and revenue grew 79% from last year. But DoubleClick warned that fourth-quarter sales would be flat and that it would lose money in the first quarter of 2001. During the third quarter ended Sept. 30, DoubleClick's TechSolutions unit reported revenue of $53.5 million and signed 298 new clients worldwide, including Euro RSCG Interaction and Adidas America. DoubleClick TechSolutions closed new DART for Advertisers agreements with partners such as Ask Jeeves, IdeaMall, Ant Farm Interactive, MediaVest Worldwide, a unit of Starcom MediaVestGroup and Zentropy Partners.

Copyright October 2000, Crain Communications Inc.

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