Clear Channel Outdoor Holdings Expects Q3 Revenue Of $570M-$600M Vs $624.71M Est, FY23 Revenue 2.465B-2.535B (Prior $2.500B-$2.625B) Vs $2.51B Est
Portfolio Pulse from Benzinga Newsdesk
Clear Channel Outdoor Holdings (CCO) has projected its Q3 revenue to be between $570M and $600M, which is lower than the estimated $624.71M. The company also revised its FY23 revenue forecast to $2.465B-$2.535B from the previous $2.500B-$2.625B, slightly below the $2.51B estimate.
August 07, 2023 | 10:10 am
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Clear Channel Outdoor Holdings (CCO) has lowered its Q3 and FY23 revenue forecasts, which may negatively impact its stock price in the short term.
Companies often see their stock prices fall when they lower their revenue forecasts, as it suggests that they are not performing as well as expected. This is particularly true if the new forecasts are below analysts' estimates, as is the case with CCO.
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