24/7 Market News Snapshot 06 November, 2024 – Cardlytics, Inc. Common Stock (NASDAQ:CDLX)
DENVER, Colo., 06 November, 2024 (247marketnews.com) – (NASDAQ:CDLX) are discussed in this article.
Cardlytics, Inc. (CDLX) is currently experiencing notable market fluctuations, with stock prices recently opening at $4.84 and declining approximately 11.43% to trade at $4.154. This bearish trend follows a previous close of $4.690 and is evidenced by increased trading volume of 2.14 million shares, indicative of heightened market activity and potential volatility. Analysts observe that this decline may reflect profit-taking or increased investor caution. Key support levels are noted near $4.00, while resistance levels may be encountered around $4.70, suggesting that traders should closely monitor market conditions and Cardlytics’ fundamental performance.
In conjunction with these market movements, Cardlytics has released its financial results for the third quarter, concluding on September 30, 2024. The company reported revenues of $67.1 million, down 15% year-over-year, while billings totaled $112 million, reflecting a 4% decrease. However, when considering the exclusion of the recently divested entertainment segment, stability in billings is evident. Notably, the adjusted contribution rose to $36.4 million, demonstrating resilience despite broader market challenges.
Despite reporting a net loss of $145.2 million for the quarter, CEO Amit Gupta highlighted a 2% increase in the company’s active user base, which now stands at 166.4 million. Looking forward, Cardlytics anticipates continued challenges in the fourth quarter, projecting revenues between $62 million and $67 million, with billings expected to range from $102 million to $108 million. Gupta reiterated the firm’s commitment to maximizing consumer engagement and fostering robust partnerships as they navigate the evolving digital advertising landscape. A forthcoming webcast will delve deeper into these financial results, providing stakeholders with further insights into Cardlytics’ operations and strategic growth initiatives.