Urban One, the media company targeting African-American consumers formerly known as Radio One, had a challenging Q2. Net revenue fell to $117.6 million, from $122.7 million, as net income attributable to common stockholders sank to $802,000 (2 cents per share), from $7.3 million (15 cents).
With adjusted EBITDA also falling, to $36.7 million from $39.9 million, investors punished the company led by President/CEO Alfred Liggins III by selling off their shares in the first hour of trading on Wall Street.
As of 12:18pm Eastern, UONE shares were off a steep 23.7%, to $1.45, on very small volume. At the Closing Bell, they rebounded to $1.90, ending the day flat.
