Why DoubleVerify Holdings Stock Dipped by 2% Today
During earnings season, the quarterly results of a variety of publicly traded companies come thick and fast. One of the companies reporting during this gush after market hours Tuesday was adtech specialist DoubleVerify Holdings (NYSE: DV). Unfortunately, the company fell short of analyst estimates for profitability, and the market punished it for this transgression; the stock closed Wednesday more than 2% lower in price.
For its second quarter, DoubleVerify managed to crank its revenue 17% higher year over year to $155.9 million. The company's headline net income, however, went in the other direction. Under standards based on generally accepted accounting principles -- GAAP -- it fell to just under $7.5 million ($0.04 per share), against the second-quarter 2023 profit of more than $12.8 million.
Another negative for DoubleVerify is that analysts following the stock were expecting a much higher bottom-line figure. On average, they were estimating the company would post net income of $0.17 per share. At least the company beat on the top line; the pundit consensus for that line item was just under $153.8 million.
Source Fool.com
