Townsquare Media today announced its financial results for the second quarter ended June 30, 2018.
The operator of radio stations in small and mid-sized markets posted revenue of $119.6 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $115.6 million.
Townsquare shares have dropped 15 percent since the beginning of the year. The stock has dropped 38 percent in the last 12 months.
“Our second quarter and year to date revenue growth was primarily the result of the continued stability in our broadcast products and the strong revenue growth of our digital solutions.”
“Through internal reorganization and the divestiture of North American Midway Entertainment, we have concluded the strategic reset that we initiated in late 2017 and have largely reoriented the Company towards the stability, profitable growth, and cash generation of the advertising, marketing solutions, and live events businesses in our local market footprint,” commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare. “Our strong performance in the first half of this year reinforces that this was the right strategy, and we remain committed to this plan moving forward.”