With Townsquare Media noting during its Q3 conference call with financial analysts that it would put its events business in a strategic review, investors have expressed wariness as to the company’s future as a small- and medium-sized radio industry pure play.
That negative sentiment continued on Wall Street Tuesday, as TSQ shares shed another 3.6%, hitting a record low. The bleeding hasn’t stopped, sending Townsquare to its lowest stock price in five years.
At the Closing Bell on Wednesday, Townsquare shares sat at $7.07, down 2.9% from Tuesday’s closing price. The dip continues a steep drop in value since Nov. 7 after trading between $9.75 and $13 for most of 2017.
On a per-share basis, Townsquare reported net income of 51 cents. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The company’s Q3 revenue of $164.1 million also fell short of Street forecasts: Three analysts surveyed by Zacks expected $168.5 million.