Cardlytics (NASDAQ:CDLX) stock is falling hard on Thursday after the advertising platform operator released its latest earnings and announced a leadership change.
The bad news in the earnings report starts with its revenue of $69.64 million. That’s lower than the $75.37 million that Wall Street was expecting. On top of that, it represents a 9% decrease year-over-year from $76.7 million.
Cardlytics also reported an adjusted loss of 15 cents per share in its latest quarter. That’s better than the adjusted loss of 20 cents per share Wall Street was expecting. For comparison, the company’s adjusted loss per share form the same period of the year prior was 24 cents.
Cardlytics Chief Financial Officer Alexis DeSieno said the following in the earnings report.
“While we observed strong growth in redemptions, our results were challenged by slower-than-anticipated billings growth coupled with higher consumer incentives. We remain confident that our improved balance sheet continues to support investment in the business.”
CDLX Stock: CEO Change
On top of that mixed earnings report, Cardlytics announced that current CEO Karim Temsamani is stepping down. The company notes this is due to Temsamani pursuing another professional opportunity.
Replacing Temsamani is Amit Gupta, the Chief Operating Officer and General Manager of Bridg. The new CEO will take over this position on Aug. 16 and will join the board of directors at the same time.
CDLX stock is down 56.6% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
