By Chris Wack
Gray Media shares were 19% higher at $4.42 after the company reported a first-quarter loss that was lower than expectations, and revenue beat analysts' expectations.
The company said it had a quarterly loss of $22 million, or 23 cents a share, compared with earnings of $75 million, or 79 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $43.6 million, or 47 cents a share.
Revenue for the quarter was $782 million, compared with last year's $823 million, and the $773.2 million analysts were expecting.
Core advertising revenue in the quarter was $344 million, a decrease of 8%, as a result of the Super Bowl airing on its 33 Fox channels in 2025, compared to 54 CBS channels in 2024, and by one less selling day in 2025.
Political advertising revenue in the quarter was $13 million, a decrease of 52% from the first quarter of 2024, consistent with the off-year of the two-year political advertising cycle, the company said.
Gray Media said it expects second-quarter core advertising revenue to be down by mid-single digits, due in part to current macroeconomic uncertainties.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 08, 2025 11:08 ET (15:08 GMT)
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