Shares of Fluent (NASDAQ:FLNT), a data-driven digital marketing services company, saw its stock take a hit on Friday morning. As of 11:10 a.m. EST, the stock was down 11.3%.
The stock's decline follows the tech company's preliminary fourth-quarter results, which included revenue that was below analysts' average forecast.
Fluent said its fourth-quarter revenue is estimated to be between $81 million and $82 million. This compares to revenue of $80 million in the year-ago quarter. Of the two analysts covering the stock, the average forecast was for revenue to be $85.4 million.
The company says its fourth-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be between $9 million and $11 million.
Management estimates that its full-year 2020 revenue rose 10%.
"This was a year that tested us all in many ways, and the diversification of our marketplace, the resilience of our platform and the resolve of our team, collectively enabled these results," said Fluent CEO Ryan Schulke.
Investors should keep in mind that these are preliminary fourth-quarter results -- not official results. The company's official fourth-quarter and full-year results will be released in March.