On Tuesday (5/4), iHeartMedia released its Q1 2023 earnings report. It was less than favorable, as the net loss attributable to the company surged to $222.26 million from $48.58 million and adjusted EBITDA declined to $93.42 million from $145.22 million.
While that was above the company’s guidance range, investors on Thursday opted to sell their shares in the nation’s No. 1 radio station owner and audio content creator and distributor in large fashion.
Just after 11am Eastern, IHRT was down nearly 20% in value. At the closing bell, IHRT was off by 17%, to $2.92.
