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ETM - Entercom Communications Strikes Out as Its Stock Falls 16%
Entercom Communications Corp.
Shares of Entercom Communications (NYSE: ETM) were tumbling 16% in morning trading Wednesday after the radio broadcaster reported fourth-quarter revenue that was up 19% sequentially, but down 22% year over year.
CEO David Field said "the pandemic continues to hobble a large number of our advertisers, particularly locally," but he was hopeful the combination of widely distributed vaccines, new stimulus spending, and pent-up consumer demand would drive a strong recovery.