July 26, 2001-- ValueClick Inc. (Nasdaq: VCLK), the world's leading provider of performance-based Internet advertising solutions, today announced financial results for the second quarter ended June 30, 2001.

ValueClick extended its record for meeting or exceeding earnings expectations, having done so for the fifth straight quarter since becoming a public company. ValueClick also continues to expand its product suite and technology base through its pending acquisition of Mediaplex Inc., a provider of technology software tools for online and offline advertising campaigns.

ValueClick reported revenue of $9.7 million for the second quarter of 2001, compared to $16.5 million for the same period last year. Including interest income and exclusive of certain non-cash accounting items and non-recurring merger-related costs, pro forma operating loss was $529,000 for the second quarter, or $(0.01) per share, which was in line with consensus estimates.

"ValueClick continues to take the necessary steps in order to remain strong in the immediate term while laying the foundation for future growth,'' said Jim Zarley, chairman and CEO. ``We have consistently delivered on earnings expectations; we have consistently upheld our industry-leading gross margins, which in today's environment is more important than ever; and we have consistently built out our product offerings for diversification and growth, most recently with the announcement of our intent to acquire Mediaplex. We are not waiting for the market to turn around -- rather, we are proactively executing our strategic growth and financial stability plan."

In announcing guidance for Q3 2001, ValueClick stated that it expects to generate revenue between $10.0 and $10.5 million in the third quarter of 2001, an increase over the second quarter despite what is traditionally perceived as the slowest seasonal quarter. In addition, ValueClick expects to achieve this growth while sustaining its industry-leading margins of between 49% and 51%. Correspondingly, the company projects a pro forma operating loss of approximately $0.01 per share in the third quarter.

The ValueClick Conference Call to discuss this earnings press release is scheduled for Thursday, July 26, 2001, at 4:30 pm EST. Investors who would like to listen to the call may dial 888/231-1705 domestically, or 706/634-7040 internationally. Investors who are interested in accessing the live webcast are invited to visit the investor relations section of the company's website at www.valueclick.com.

About ValueClick Inc. ValueClick is the leading global provider of performance-based Internet advertising solutions for advertisers and Web publishers. ValueClick delivers the best value for the ad dollar through a combination of performance-based pricing, advanced targeting capabilities, rigorous network quality control and an integrated product line, including Click Agents' cost-per-click network, Zmedia's cost-per-lead product and opt-in email network, OnResponse's cost-per-lead network (www.onresponse.com), and eTrax ROI Measurement software. For website publishers of all sizes, ValueClick offers advertising revenue opportunities and publisher ad serving technology.

ValueClick's advertising network consists of more than 30,000 Web sites worldwide and reaches approximately 36 percent of U.S.-based Internet users each month. In 2000, ValueClick served in excess of 42 billion Web advertisements and delivered more than 138 million visitors to advertisers' Web sites.

ValueClick provides results for clients such as the Coca-Cola Company, Heineken N.V., Sara Lee Corporation, GlaxoSmithKline, Citigroup Inc., American Express Company, British Airways, Hyatt Corporation, Michelin Group, Renault, CompuServe, iVillage, Panasonic, Sprint and Verizon.

Safe Harbor:

This release contains forward-looking statements that involve risks and uncertainties, including estimates of future operating results, revenues and earnings per share, as well as information about new product initiatives and acquisitions. Actual results may differ materially from the results predicted, and reported results should not be considered an indication of future performance. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed under ``Risk Factors'' and elsewhere in filings with the Securities and Exchange Commission made from time to time by ValueClick, including its Registration Statement on Form S-1 declared effective on March 30, 2000, recent quarterly reports on Form 10-Q, current reports on Form 8-K and 8-K/A, and any subsequently filed reports on Forms 10-K, 10-Q and 8-K. Other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include risks that ValueClick is unable to manage its growth effectively, banner advertising on the Internet may lose its appeal to direct marketing companies, and ValueClick's business model may not be accepted by Internet advertisers or Web publishers. ValueClick undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

                            ValueClick Inc.
                 Consolidated Statement of Operations
                              (unaudited)
                 (In thousands except per share data)

                                           Three months ended June 30,
                                                2000          2001
                                             (Restated)(a)

Revenues                                     $ 16,501      $  9,660
Cost of revenues                                8,707         4,753
    Gross profit                                7,794         4,907

Operating expenses:
  Sales and marketing                           2,780         2,789
  General and administrative                    3,030         2,968
  Product development                           1,047           853
  Stock-based compensation                      1,397           655
  Amortization of intangible assets               225           267
  Merger-related costs                             --           440
    Total operating expenses                    8,479         7,972
Loss from operations                             (685)       (3,065)

 Interest income, net                           1,199         1,174
 Gain (loss) on sale of marketable securities  (9,006)          701
 Gain from ValueClick Japan stock issuance     13,656            --
Income (loss) before income
 taxes and minority interests                   5,164        (1,190)
  Provision for (benefit from) income taxes     2,779          (120)
Income (loss) before minority interest          2,385        (1,070)
  Minority share of (income)
   loss in ValueClick Japan                       (22)          106

   Net Income (loss)                         $  2,363      $   (964)

   Net income (loss) per common share:
    Basic                                    $   0.07      $  (0.03)
    Diluted                                  $   0.06      $  (0.03)

   Shares used to calculate net income
    (loss) per common share:
   Basic                                       35,616        36,461
   Diluted                                     37,239        36,461

Pro forma supplemental operating income
(loss) excluding non-cash stock-based
compensation charges and amortization
of intangible assets:
Loss from operations                         $   (685)     $ (3,065)
Stock-based compensation                        1,397           655
Amortization of intangible assets                 225           267
Merger-related costs                               --           440
Interest income, net                            1,199         1,174
   Pro forma supplemental
     operating income (loss)                    2,136          (529)

   Pro forma supplemental operating
     income (loss) per diluted share         $   0.06      $  (0.01)


                            ValueClick Inc.
                 Consolidated Statement of Operations
                              (unaudited)
                 (In thousands except per share data)

                                             Six months ended June 30,
                                                2000          2001
                                             (Restated)(a)

Revenues                                     $ 31,715      $ 22,376
Cost of revenues                               16,356        10,876
    Gross profit                               15,359        11,500

Operating expenses:
  Sales and marketing                           4,766         5,754
  General and administrative                    5,177         6,678
  Product development                           1,874         1,894
  Stock-based compensation                      2,694         1,615
  Amortization of intangible assets               448           901
  Merger-related costs                             --           980
    Total operating expenses                   14,959        17,822
Loss from operations                              400        (6,322)

 Interest income, net                           1,260         2,564
 Gain (loss) on sale of marketable securities  (9,006)          701
 Gain from ValueClick Japan stock issuance     13,656            --
Income (loss) before income
 taxes and minority interests                   6,310        (3,057)
  Provision for (benefit from) income taxes     3,823           (20)
Income (loss) before minority interest          2,487        (3,037)
  Minority share of income in ValueClick Japan   (154)          (39)

    Net Income (loss)                        $  2,333      $ (3,076)

    Net income (loss) per common share:
     Basic                                   $   0.08      $  (0.08)
     Diluted                                 $   0.08      $  (0.08)

    Shares used to calculate net income
     (loss) per common share:
     Basic                                     28,352        36,448
     Diluted                                   30,041        36,448

Pro forma supplemental operating income
(loss) excluding non-cash stock-based
compensation charges and amortization
of intangible assets:
Income (loss) from operations                $    400      $ (6,322)
Stock-based compensation                        2,694         1,615
Amortization of intangible assets                 448           901
Merger-related costs                               --           980
Interest income, net                            1,260         2,564
   Pro forma supplemental operating
      income (loss)                             4,802          (262)

   Pro forma supplemental operating
      income (loss) per diluted share        $   0.16      $  (0.01)

                            ValueClick Inc.
                    Consolidated Balance Sheet Data
                 (In thousands except per share data)

                                           December 31,     June 30,
                                               2000           2001
                                            (Restated)(a)  (Unaudited)
Cash, cash equivalents
 and marketable securities                   $127,450      $120,858

Working capital                              $129,036      $125,473

Total assets                                 $154,050      $143,658

Total stockholders' equity                   $127,493      $123,723

  (a) -- The 2000 figures have been restated to include the operating
 results of Z Media Inc. for the entire period presented as a result
  of the related acquisition accounted for as a pooling-of-interests.