Shares of connected-TV digital advertising specialist Telaria ( TLRA ) took a hit on Tuesday. The stock was down about 14% as of 10:10 a.m. EST today.
Telaria's decline follows the programmatic advertising company's third-quarter earnings report, which featured in-line revenue and a bottom-line miss.
Third-quarter revenue was $16.6 million, up 23% year over year. This was in line with analysts' consensus forecast. Telaria's loss per share was $0.06; analysts on average expect a loss per share of $0.05.
A bright spot in the quarter was the company's 115% year-over-year increase in connected TV (CTV) revenue, which accounted for 44% of the period's revenue, up from 25% in the year-ago quarter. This was good news given that the company's aim is to become primarily focused on CTV.
For the full year, management said it expected revenue in a range of $69 million to $71 million. The midpoint of this guidance is slightly ahead of analysts' average forecast for full-year revenue of $69.8 million.