Gray Television Shares Gain On Q2 Earnings Beat
Portfolio Pulse from Shivani Kumaresan
Gray Television Inc (NYSE:GTN) reported a Q2 FY23 sales decline of 6.3% year-on-year to $813 million, beating the analyst consensus of $798.10 million. The EPS loss of $(0.10) also beat the consensus estimate of $(0.23). The company's core advertising revenue increased by 4% Y/Y. However, operating income decreased by 45% to $119 million. The company anticipates growth in advertising revenues for the remainder of 2023 and future years. GTN shares are trading higher by 22.11% at $10.66.
August 04, 2023 | 5:38 pm
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Gray Television reported better than expected Q2 FY23 results, with sales and EPS beating analyst consensus. Despite a decrease in operating income, the company's shares are trading higher.
Gray Television's better than expected Q2 FY23 results have likely contributed to the increase in its share price. The company's positive outlook for advertising revenue growth may also be a contributing factor.
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