Cardlytics slumps on missing Q3 results amid recession worries

Cardlytics

02/11/2022 14:22

** Shares of marketing firm Cardlytics Inc  CDLX.O  slump
33.5% to $6.44 
    ** Co, which reported Q3 results after the bell on Tuesday,
expects Q4 revenue between $80 mln and $90 mln, lower than
analysts' expectations, as per Refinitiv
    ** Needham cuts PT to $14 from $19; says recessionary fears
and inflation are expected to hit consumer spending and squeeze
ad budgets in Q4 
    ** CDLX reported Q3 sales of $72.7 mln, missing analyst
estimates of $73.9 mln as per Refinitiv
    ** Brokerage Craig-Hallum cuts PT to $7 from $15; says co's
problems increased following loss of Starbucks as a client
    ** One of six brokerages rate stock "buy", three "hold" and
two "sell"; their median PT is $10 - Refinitiv
    ** Stock has fallen 90% YTD compared with a 28% decline in
the Nasdaq Industrial index  .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))