Shares in ValueClick Inc. surged Thursday after the online marketing service provider posted a stronger-than-expected fourth-quarter profit.
The company reported fourth quarter net income of $22.1 million (22 cents per share), a 56 percent jump from $14.2 million (14 cents) for the same period a year earlier. The company, which beat analysts' expectations of 18 cents a share, credited new online advertising media such as video for the surge in profit.
Revenues for the Westlake Village online marketer soared 37.6 percent to $160 million, also handily beating forecasts of $148 million.
Shares in ValueClick opened at $27.74, a 52-week high, and gained $2.39 in afternoon trading on Nasdaq.
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