WIP OWNER DENIES BANKRUPTCY: STOCK AT $.55, TANKING LIKE RADIO!

By Harvey Hoffman

Shares of Philly-based Audacy dropped to an all-time low of 55 cents per share Wednesday, falling 5.5% for the day — and down about 84% year-over-year. Audacy now has a market capitalization of just under $80 million.

Wall Street’s bearish stance toward Audacy comes after the company reported second-quarter earnings on Aug. 5 missing expectations.

CEO and president David Field blamed “declining macroeconomic conditions and ad market headwinds” for crimping revenue growth. Q2 revenue was $319.4 million, up 5% year over year, while the company posted a pre-tax net loss of $1 million.

“While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses,” Field said in announcing the Q2 results. He pointed to Audacy’s expanded podcast and streaming audio networks and the rollout of a new digital platform and ad-tech capabilities in the second half of 2022 that “will enable us to unlock pools of ad demand and supply that we can’t effectively monetize today.”

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