DoubleClick reduces earnings expectations

Internet advertising agency DoubleClick says lower advertising spending has forced it to cut its earnings expectations.

In a web conference, the company said fourth quarter revenues would be between $126m and $129m - eight to ten percent lower than anticipated. Stephen Collins, CFO of Doubleclick, said: "Online advertising has reached a point where it does not work perfectly, but it does work. The current environment is tough but so are we." Last week DoubleClick reduced its staffing levels following internal reorganisation.