The stock of finance-focused digital advertising platform Cardlytics (NASDAQ: CDLX), which had been on the downside for most of the past month, has suddenly experienced a significant uptick upon the company announcing its updated guidance for the first quarter of 2023.
Indeed, the updated guidance on Cardlytics’ financial results for the quarter ending March 31, 2023, shows higher billings, revenue, and adjusted contribution, than on previously reported guidance, according to the company’s press release on April 4.
Commenting on the update, Cardlytics CEO Karim Temsamani said:
“Our improved topline guidance is driven by better-than-expected growth in the U.S. business and the product optimizations discussed on our last earnings call. (…) We are confidently navigating 2023 and look forward to sharing more positive updates over the coming months.”
Cardlytics stock responds
Shortly after the announcement, the Cardlytics stock witnessed “an abrupt price boost on high relative volume (11 RVOL),” as earlier observed on the Twitter page of the stock market analytics and monitoring platform TT Day Trading Alerts.
As things stand, CDLX is currently changing hands at $4.64, up more than 30% in the last 24 hours and nearly 64% in the past five days, as per the latest Google Finance real-time market data obtained by Finbold on April 4.
With the newest results, the CDLX stock has broken through the previous resistance level at $4.24, set by the stock trader and finance analyst Tiger Line Trading, and is now on the way towards the New High of Day (NHOD), as the expert projected earlier during the day.
Interestingly, investment analyst Austin Swanson stated earlier in March that CDLX could increase its price in April based on factors such as possible upcoming announcements on better earnings results, as well as the updated liquidity analysis, among other things.
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