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Doubleclick shares fall
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October 15, 1999: 2:01 p.m. ET
Internet advertising firm plunges 9% despite narrower 3Q loss
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NEW YORK (CNNfn) - Shares of Internet advertising firm Doubleclick Inc. dropped nearly 9 percent Friday afternoon despite posting a narrower-than-expected third-quarter loss.
After markets closed Thursday, Doubleclick (DCLK) posted a third-quarter loss of 13 cents a share. Analysts polled by First Call expected the New York-based firm to lose 14 cents a share.
But shortly after 1:30 p.m. ET, Doubleclick shares fell 11-3/16 to 116-5/16, moving in step with a widespread decline in Internet shares Friday.
Doubleclick's revenue soared 190 percent to $60 million. Kevin Ryan, Doubleclick president and chief operating officer, told CNNfn that the company will continue to grow its business at the expense of near-term profitability.
"If we want to be profitable right now, we would slow down our hiring," Ryan said. "But if I were a shareholder, I think that would be a bad decision because every time we open offices, they have become profitable within a year."
Ryan added that Doubleclick is unconcerned with the rapid rise of its stock price.
"Our revenues and market share are up," he said. "So I think it is tracking what is happening in the business -- which is that, fundamentally, our growth is really outstripping most other players and as a result, we're highly valued." 
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Doubleclick
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