iHeartMedia Shares Drop 60% Following Disappointing Third-Quarter Earnings
iHeartMedia (IHRT) shares plummeted approximately 60% during Tuesday morning trading after the company released its third-quarter earnings report. The stock hit a new all-time low of $0.65 during the session as investors reacted to disappointing financial results. Management attributed the poor performance largely to lower-than-anticipated political advertising revenue within the radio segment. This shortfall in expected ad spend has significantly impacted the company's quarterly outlook and investor confidence.
Tickers: $IHRT
Topics: advertising revenue earnings report radio advertising stock price drop