By Sabela Ojea

Shares of Cardlytics dropped after the company logged a significantly wider-than-expected loss in the third quarter.

The stock was down 30% to $3.65 in post-market trading. Through Wednesday's close, shares have fallen 43% since the beginning of the year, and 62% over the past 12 months.

The digital advertising platform posted a net loss of $145.2 million, or $2.90 a share, compared with a loss of $24 million, or 63 cents a share, for the same period a year earlier.

Stripping out one-time items, losses per share came in at 15 cents. Wall Street had forecast adjusted losses of 57 cents.

Revenue dropped 15% to $67.1 million, beating analysts expectations of $57.8 million, according to FactSet.

"We maintain that our business transformation will take time, but we believe our priorities to build a more performant network and scale our partnerships will maximize consumer engagement and rewards," Chief Executive Amit Gupta said.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

November 06, 2024 18:16 ET (23:16 GMT)

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