The firm said it lowered its rating for the technology company due to a decline in average customer spending.
Goldman Sachs was not the only firm to downgrade Rocket Fuel today as BMO Capital changed the company's rating to "market perform" from "outperform" following the company's 2014 first quarter earnings.
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The company reported a net loss of -$11 million, or 33 cents per diluted share, compared to a net loss of -$8.1 million, or 97 cents per diluted share from the 2013 first quarter.
Racket Fuel reported a 95% increase in revenue for the 2014 first quarter of $74.4 million versus $38.2 million from the same period last year.FUEL data by YCharts