Audacy Stocks Falls On Missing Q2 Estimates, Weak Q3 Outlook

Audacy Inc AUD reported second-quarter FY21 revenue growth of 73% year-on-year to $304.5 million, missing the analyst consensus of $308.24 million.
Spot revenues rose 98% Y/Y to $202.8 million, and Digital revenues were up 41% to $58.4 million. Network revenue increased 23.5% to $20.6 million.
EPS of $0.01 missed the analyst consensus of $0.09.
Audacy posted a positive adjusted EBITDA of $39.9 million.
The company held $44.7 million in cash and equivalents.
Audacy generated $5.7 million in adjusted free cash flow.
Outlook: Audacy sees Q3 revenue increase sequentially by about 10%, representing $334.9 million, below the analyst consensus of $339.9 million.
Price action: AUD shares traded lower by 7.86% at $3.40 on the last check Friday.

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