AUD - Audacy stock hits 14-year low as macro pressures ad market headwinds weigh on results

• Audacy ( AUD ) stock sank to a near 14-year low on Friday after the firm posted weak Q2 results , hurt by macroeconomic pressures and advertising market headwinds.
• AUD reported Q2 EPS of -$0.01 vs. $0.01 in Q2 2021.
• Revenue increased 4.9% Y/Y to $319.4M
• Core spot revenues were $200.5M, flat Y/Y, while digital revenues grew 19% to $69.3M.
• "Q2 results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced top line growth to 5%," said AUD CEO David Field.
• Earlier this week, AUD received a notice from NYSE that its class A stock was not in compliance with the continued listing rule regarding minimum average closing price.
• AUD has a 6-month cure period to regain compliance.
• Shares of AUD have declined ~78% YTD.
• AUD is at high risk of performing badly and has a Sell rating from SA Quant rating system .

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