WESTLAKE VILLAGE, Calif. (AP) — Digital marketing company ValueClick Inc. said Wednesday that its first-quarter net income grew thanks to higher revenue, but its revenue outlook for the current quarter fell below Wall Street's projections, and shares fell after hours.

The company earned $21.6 million, or 26 cents per share, for the three months ended March 31. That's up 28 percent from $16.9 million, or 21 cents per share, in the same period a year earlier.

Adjusted earnings were 38 cents per share in the latest quarter. This figure excludes stock-compensation expenses and other items.

Revenue rose 31 percent to $152.9 million from $116.5 million.

Analysts, on average, were expecting earnings of 23 cents per share on revenue of $157.7 million, according to a poll by FactSet.

For the second quarter, the company is forecasting adjusted earnings of 33 cents to 34 cents per share on revenue of $155 million to $160 million. That compares with analysts' expectations of earnings of 25 cents per share on revenue of $167.9 million. ValueClick expects net income of 21 cents to 22 cents per share for the current quarter.

ValueClick's stock fell $2.60, or 12 percent, to $19 in after-hours trading. The stock had closed up 38 cents at $21.60.