Why iHeartMedia Stock Is Soaring Today
Shares of iHeartMedia (NASDAQ: IHRT) surged as much as 63.2% higher on Thursday morning, powered by a reasonable earnings report paired with a helpful debt restructuring. The broadcast radio and audio-streaming company's stock cooled down later in the day, but the single-day gain was a robust 24.1% just before 2 p.m. ET.
iHeartMedia's third-quarter sales rose 5.8% year over year to $1.01 billion. Political advertising played a large part in the gains. The company reported a net loss of $41.3 million, significantly worse than the year-ago period's $9 million loss.
On the other hand, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) held steady at $204.6 million. Digital audio services saw strong revenue gains, while other operations posted relatively flat results.
Source Fool.com
