LOS ANGELES — When it comes to the net revenue achieved by Entravision Communications during the final three months of 2024, there’s some good news. Media revenue gained 30% year over year. That said, the percentage of Advertising Technology & Services revenue growth was a robust 49%, putting consolidated net revenue for the multimedia company at $106.96 million, rising from $78.26 million.
That said, Entravision’s cost of revenue, direct operating expenses, and “selling, general and administrative expenses” were on the rise. Add in a hefty impairment charge, and Entravision saw its net loss widen in Q4.
With the non-cash impairment charge of $61.22 million reflected in the Q4 2024 results — bigger than the $12.28 million impairment charge seen a year earlier — Entravision’s net loss came in at $56.36 million (-$0.62 per share), widening from $18.21 million (-$0.21).
Investors were not pleased with the results from the company led by Michael Christenson, with Entravision’s NYSE shares dropping 11.3% in value within the first hour of trading, to $1.8493.
That’s a price level last seen in August 2024 by Entravision, and down from $2.67 per share in early January.
In prepared remarks, Christenson, who serves as Entravision’s CEO, focused on the revenue gains, driven primarily by record political advertising revenue during Q4. Overall, he notes, “Our balance sheet remains strong, and as we look forward to fiscal year 2025 and beyond we continue to focus on providing highly-rated news and content to our audiences, strengthening our digital marketing solutions in combination with our television and radio offerings, and continuing to grow our Advertising Technology & Services segment.”
For fiscal year 2024, net revenue improved to $364.95 million, from $297.04 million. However, the Q4 impairment charge and full-year declines in the aforementioned expense categories overpowered the gain, resulting in a $148.91 million full-year net loss, growing from -$15.44 million.
