Updated from April 15

DoubleClick ( DCLK) plunged 25% Friday after failing to keep pace with Wall Street's rising expectations.

The marketing services company posted a rise in first-quarter sales and net income, with the bottom line boosted by one-time items. But DoubleClick's latest quarter fell short of revenue expectations. The company then issued guidance, modified by an acquisition, that was roughly in line with Wall Street's current expectations.

Shares in DoubleClick, which have enjoyed a nice run-up since December, fell $3 to $8.98 in early action Friday.

For the first quarter ended March 31, DoubleClick reported revenue of $68 million, up from $60 million one year earlier but falling short of the Thomson First Call consensus of $70 million.

Earnings based on generally accepted accounting principles amounted to $7.7 million, or 5 cents per share, up from $906,000, or 1 cent per share, in the first quarter of 2003.

That 5 cents matched the First Call forecast, but included $2.4 million from the liquidation of an affiliate, as well as the reversal of a $1.5 million reserve relating to an earlier acquisition.

Improvements in revenue, gross margins and operating margins, said DoubleClick, "stem primarily from new client wins, existing customers using more DoubleClick products, and the increase in overall system transaction volume by both new and existing clients."

DoubleClick's shares fell 51 cents to $11.94 in normal trading, then dropped another $1.96 after hours.

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