Welcome to our dedicated page for Audacy news (Ticker: AUDAQ), a resource for investors and traders seeking the latest updates and insights on Audacy stock.
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Audacy (OTC: AUDAQ) reported strong financial results for Q2 2024. Adjusted EBITDA rose 116% year-over-year to $31.1 million, driven by low-teen growth in digital advertising and high single-digit growth in network radio. Net revenues increased by 1% to $301.6 million, despite a 3% decrease in total radio revenues. Operating loss significantly improved to $3.0 million from $135.3 million in Q2 2023. For the first half of 2024, Adjusted EBITDA surged 128% to $40.7 million. Cash operating expenses fell 5% to $270.5 million. The company is awaiting FCC approval for its reorganization plan, which would reduce debt by 80%. Liquidity stood at $126.5 million as of June 30, 2024. Audacy's third quarter is pacing up low single digits, with digital revenue expected to grow mid-teens. The company is also seeing growth in its streaming platform and exclusive podcast content, enhancing its market position.
Audacy, Inc. (OTC: AUDAQ) reported a solid start to 2024 with a 173% increase in Q1 adjusted EBITDA. The company's total revenue market share grew, and digital revenues saw a significant acceleration in growth. Despite total radio revenues decreasing, expenses were reduced, resulting in an operating loss of $0.4 million. Recent developments include strong radio ratings growth, streaming performance, podcasting updates, technology advancements, and restructuring plans to reduce debt by 80%. Audacy is focused on becoming a scaled leader in the audio market with a strong balance sheet and premium content offerings.
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