Todd Spangler NY Digital Editor It’s been an ugly year for most stocks, but for Audacy the pain has been especially acute. Shares of the radio broadcast and podcasting company on Wednesday dropped to an all-time low of 55 cents per share, 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.
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