Second-quarter revenues for Audacy were up 5% compared to the same time a year ago, the company unveiled Friday.
The company brought in $319.4 million in the quarter. Radio commercial revenue remained flat at $200.5 million, while digital revenue was up 19% to $69.3 million.
“Our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%,” Audacy Chairman, President, and CEO David Field said.
“While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses, capitalizing on a number of important recent developments that include an enhanced national sales organization, expanded podcast and streaming audio networks, and during the second half of this year, the rollout of a new, reimagined digital platform and ad tech capabilities that will enable us to unlock pools of ad demand and supply that we can’t effectively monetize today.”
The company has also been informed by the New York Stock Exchange that it could potentially be delisted due to its stock price being below $1 for more than 30 business days. Audacy told the NYSE that it will consider “all available options” to return the price to over the $1 threshold.
