Sahm Adrangi
April 11, 2018
Chief Investment Officer, Kerrisdale Capital

QuinStreet, Inc. (QNST): Leading Nowhere

  • Kerrisdale details a pattern of suspicious and phony traffic to QuinStreet’s network of proprietary and affiliated web sites, which generate revenue for the company when users click links and fill out forms—boosting QuinStreet’s revenue at the expense of its clients
  • QuinStreet’s recent revenue growth has come almost entirely from a single client – a fact that the market has overlooked amid management silence
  • QuinStreet is a low-quality organization with a fundamentally flawed business model

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