ValueClick Inc. (VCLK:US), an Internet- advertising company, rose the most in more than three years after saying second-quarter revenue was probably at the higher end of its forecast range.
ValueClick advanced 16 percent to $16.39 at the close in New York, the biggest one-day gain since October 2008. The shares had declined 13 percent this year through yesterday, while the Standard & Poor’s Midcap Information Technology Index (S4INFT) rose 4.8 percent.
The Westlake Village, California-based company sees revenue at the top end of its prediction of $155 million to $160 million, according to a statement released yesterday after the markets closed. The average analysts’ estimate was $157.2 million, according to data compiled by Bloomberg.
The high end of the range implies revenue growth of 28 percent from a year earlier, the biggest increase (VCLK:US) for a second quarter since 2006. Sales growth in the media segment, which accounted for 40 percent (VCLK:US) of last year’s revenue, is “at or above” expectations, the company said.
Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, will also be at the high end of a forecast (VCLK:US) of $46 million to $48 million.
ValueClick has purchased $99.6 million in stock since May 2, and increased its share buyback program by $100 million.
To contact the reporter on this story: Niamh Ring in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Kevin Miller at email@example.com