Why Radio Station Operator iHeartMedia's Shares Are Falling Thursday
Portfolio Pulse from Nabaparna Bhattacharya
iHeartMedia, Inc. reported Q3 revenue of $953 million, down 3.6% Y/Y. The company's GAAP operating income was $69 million, compared to an operating loss of $(211) million last year. Digital Audio Group revenue was $267 million, up 5% Y/Y. The company expects Q4 consolidated revenue to decline in the high-single digits. IHRT shares are trading lower by 7.69% to $2.40.
November 09, 2023 | 5:51 pm
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iHeartMedia's Q3 revenue fell 3.6% Y/Y and the company expects Q4 revenue to decline in the high-single digits. The company's shares are trading lower by 7.69%.
iHeartMedia's lower Q3 revenue and expected decline in Q4 revenue indicate a negative financial performance, which is likely causing the drop in the company's stock price.
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