Shares of ValueClick Inc. fell more than 5 percent Wednesday after the company was downgraded for providing a quarterly outlook that was more cautious than Wall Street expected.

The downgrade overshadowed an earnings report in which the Westlake Village online advertising firm reported lower, but better-than-expected quarterly profits.

ValueClick reported first quarter net income of $13.2 million (15 cents a share), compared with $19.2 million (19 cents) a year ago. Revenue fell 20 percent to $135 million. The company said lower operating expenses boosted profitability despite an industry-wide Internet advertising slump.

Analysts surveyed by Reuters Estimates had expected earnings of 12 cents a share on revenue of more than $130 million.

In the second quarter, company projects net income of 13 cents to 14 cents a share on revenue of $124 million to $130 million. Analysts were expecting earnings of 14 cents a share on revenue of nearly $133 million. A Piper Jaffray analyst downgraded shares from “buy” to “neutral” Wednesday.

ValueClick shares closed down 60 cents, or 5.5 percent, to $10.24 on the Nasdaq.