Sometimes it is not how a company did, but how a company is doing, that matters most to investors. For The E.W. Scripps Co., that is precisely the case with respect to its first-quarter 2019 results, and its second-quarter pacings.
Scripps in Q1 enjoyed a revenue gain, and significantly trimmed its net loss.
But, Local Media revenue on a pro-forma basis is pacing down in the low-single digits for Q2, and expenses are on the rise.
Within the first 15 minutes of trading on Friday (5/10), Scripps shares were off a steep 13.3% and tumbling fast. A recovery was in progress just before 3pm Eastern, with shares down by 7% to $21.52. At the Closing Bell, SSP was down 6.7%, to $21.60.