By Adriano Marchese
IHeartMedia shares sank Friday after the company reported lower than expected profit and revenue in the fourth quarter.
Shares traded 23% lower at $1.62. The stock is trading 29% lower over the last 12 months, but still above its 52-week low of 81 cents.
The streaming media and radio company reported a 4.8% rise in revenue to $1.12 billion. Analysts on FactSet expected a greater rise to $1.17 billion.
Net income attributable to the company rose to $31.5 million from $13.1 million. Analysts expected a bigger rise in profit to $67.3 million.
IHeartMedia also said it has completed its debt exchange of about $4.8 billion of existing debt which has extended maturities by three years and kept consolidated annual cash interest flat.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 28, 2025 11:56 ET (16:56 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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