CDLX - Here's Why Cardlytics Stock Sank to an All-Time Low on Wednesday
Shares of advertising-technology company Cardlytics (NASDAQ: CDLX) sank to an all-time low on Wednesday after the company announced disappointing financial results for the third quarter of 2022. As of 1:20 p.m. ET, Cardlytics stock was down 43% for the session and down 96% from the high it reached in early 2021.
Cardlytics partners with financial institutions to track real consumer spending and offer advertising opportunities to marketers. The company is paid when consumers make purchases, and it splits the money with its financial partners for providing the data.
In Q3, Cardlytics revenue was up 12% year over year to almost $73 million, and its monthly active users -- people making purchases through its financial partners -- were up 8% to 185 million. However, management noticed a slowdown in Q3 and expects the trend to continue in the fourth quarter.
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Here's Why Cardlytics Stock Sank to an All-Time Low on Wednesday