Internet advertising company ValueClick Inc. on Thursday cut its full-year forecast due to weak advertising spending, causing the stock price to drop to its 2004 level.

Westlake Village ValueClick expects to earn 69 cents to 71 cents for the year, down from previous guidance of 81 cents to 83 cents. Revenue likely will be between $655 million to $675 million in fiscal 2008, down from a previous forecast of $730 million to $745 million.

“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,” Chief Executive Tom Vadnais, chief executive officer of ValueClick, said in a statement.

The company also cut its second quarter revenue outlook to $163 million to $164 million compared to earlier guidance of $166 million to $170 million. But better expense management helped it to raise its profit view for the quarter by two cents to 17 cents to 18 cents a share, the company said.

“It’s bad,” said Richard Fetyko, a Merriman, Curhan Ford & Co. analyst, in an interview with Bloomberg News. “Weakness in display advertising seems to be a theme with a lot of companies. ValueClick was also affected by the fact that the (Federal Trade Commission) changed the rules for the lead-generation business.”

Shares of ValueClick were down $2.55, or 19 percent, to $11.22 in midday trading on the Nasdaq, after earlier falling as low as $10.20.