Clear Channel Outdoor Net Loss Widens in Q1 After Revenue Plummets
07:23 AM EDT, 05/10/2021 (MT Newswires) -- Clear Channel Outdoor (CCO) reported Q1 net loss of $333.5 million compared with $289.2 million a year ago.
Adjusted loss before interest, tax, depreciation, and amortization of $32.7 million in Q1 compared with adjusted EBITDA of $51.3 million a year earlier. Analysts polled by Capital IQ had expected EBITDA of $18.9 million per share.
Sales fell to $370.9 million from $550.8 million a year earlier. Analysts surveyed by Capital IQ had projected revenue of $374.6 million.
The company is continuing to direct investments in technology, including expanding its digital platform and further strengthening the data analytics and programmatic capability, according to a statement.
"As we elevate our ability to demonstrate the effectiveness of our assets in influencing consumer behavior and continue to make our inventory easier to buy, we will look to expand our revenue growth potential," CEO William Eccleshare said.
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