Clear Channel Outdoor Holdings Inc (NYSE: CCO) stock surged by 6.16% in pre-market trading on November 6, 2024, fueled by the company's strong third-quarter performance and strategic expansion plans.
The out-of-home advertising company reported a 6.1% year-over-year increase in revenue for the third quarter, reaching $559 million. This growth was driven by robust demand from advertisers across key markets, including airports and Europe North segments. Digital revenue, in particular, rose by 8.4% to $106 million, reflecting the company's successful digital deployments.
Clear Channel Outdoor's strong financial results were complemented by its strategic initiatives. The company secured a significant 15-year contract for roadside advertising, expanding its footprint in the New York tri-state area. Additionally, CCO is leveraging technology investments and expanding its sales teams to enhance overall performance.
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