Viant Shares Drop 15% After Adjusted Earnings Miss

Viant reported late Monday a third-quarter profit of about $67,000, roughly breakeven per share, compared with about $1 million, or 6 cents a share, a year earlier. Revenue increased to $110.4 million from $85.6 million, while contribution excluding traffic-acquisition costs rose to $67.2 million from $53 million. Analysts had expected contribution ex-TAC of $66.2 million.

For the fourth quarter, Viant projected revenue of $130.5 million to $133.5 million and contribution ex-TAC of $80.5 million to $82.5 million. Analysts had expected fourth-quarter contribution ex-TAC of $80.9 million before the earnings release.

The company also said its board approved a $50 million increase to its stock-buyback authorization, lifting the total to $150 million. Of that amount, $70.8 million remains available.