AUD - Audacy falls 10% as Q1 revenue growth falls short

Audacy (NYSE:AUD) has slipped 9.5% after its first-quarter revenues fell just short of Street growth targets despite managing a double-digit gain. Revenues rose 14.3% to $275.3 million, falling just short of growth that was expected to hit near 16%. The company swung to an operating gain of $8.5 million, though, vs. an operating loss of $8.2 million a year ago. And adjusted EBITDA rose 152% to $26 million. That was led by growth in both digital and spot radio, CEO David Field notes. "In Q1, we launched the Audacy Digital Audience Network (ADAN), an addressable aggregate of 60 million listeners across our app, streaming content, and podcast lineup, enabling precision targeting at scale coupled with real-time optimization and reporting." The podcast-focused company had also closed a first-ever slate deal with Amazon Music and Wondery. Cash and equivalents came to $35.6 million, down from $59.4 million at the end of 2021.

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Audacy falls 10% as Q1 revenue growth falls short