June 29 (Bloomberg) -- ValueClick Inc., an Internet-advertising company, rose the most in more than three years after saying second-quarter revenue was probably at the higher end of its forecast range.
ValueClick advanced 16 percent to $16.39 at the close in New York, the biggest one-day gain since October 2008. The shares had declined 13 percent this year through yesterday, while the Standard & Poor’s Midcap Information Technology Index rose 4.8 percent.
The Westlake Village, California-based company sees revenue at the top end of its prediction of $155 million to $160 million, according to a statement released yesterday after the markets closed. The average analysts’ estimate was $157.2 million, according to data compiled by Bloomberg.
The high end of the range implies revenue growth of 28 percent from a year earlier, the biggest increase for a second quarter since 2006. Sales growth in the media segment, which accounted for 40 percent of last year’s revenue, is “at or above” expectations, the company said.
Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, will also be at the high end of a forecast of $46 million to $48 million.
ValueClick has purchased $99.6 million in stock since May 2, and increased its share buyback program by $100 million.
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