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What: Shares of digital marketer ValueClick (Nasdaq: VCLK) were flying high today, gaining as much as 20% in intraday trading after the company reported first-quarter results.

So what: After the market closed yesterday, ValueClick released its financials for the first quarter and investors liked what they saw. Revenue jumped 22% from the first quarter of last year to $117 million while earnings per share increased from $0.14 in 2010 to $0.21. Wall Street estimates expected the company to report $0.18 in EPS on $114 million in revenue.

Now what: ValueClick also provided investors with guidance for the second quarter. An EPS range of $0.19 to $0.20 and a revenue range of $120 million to $122 million put the company's estimates roughly in line with the average Wall Street estimate of $0.20 in per-share profit on $120 million in revenue. According to management, the company is looking for continued growth through its organic growth initiatives as well as its recent acquisition of Greystripe.

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