Why Gray Media Stock Skyrocketed Almost 19% Higher on Thursday
Convincing beats on both the top and bottom lines for its first quarter propelled Gray Media (NYSE: GTN) stock to a double-digit gain on Thursday. Investors piled into the company following the earnings report and left it with an impressive rise of nearly 19%. That was miles ahead of the S&P 500 index's 0.6% advance.The period saw Gray earn total revenue of $782 million. This was 5% down from the year-ago quarter due largely to declines in core ad revenue -- not least because the Super Bowl aired on fewer of its channels -- and the take from political advertising. Nevertheless the top line exceeded both the company's own guidance and the consensus analyst estimate of slightly more than $773 million. Image source: Getty Images.Continue reading
Convincing beats on both the top and bottom lines for its first quarter propelled Gray Media (NYSE: GTN) stock to a double-digit gain on Thursday. Investors piled into the company following the earnings report and left it with an impressive rise of nearly 19%. That was miles ahead of the S&P 500 index's 0.6% advance.
The period saw Gray earn total revenue of $782 million. This was 5% down from the year-ago quarter due largely to declines in core ad revenue -- not least because the Super Bowl aired on fewer of its channels -- and the take from political advertising. Nevertheless the top line exceeded both the company's own guidance and the consensus analyst estimate of slightly more than $773 million.
Image source: Getty Images.
