iHeartMedia, Inc. (IHRT) stock plummeted 9.41% in pre-market trading on Tuesday, following the release of its disappointing third-quarter financial results. The audio media company's shares, which had more than doubled this year through Monday's close, faced significant selling pressure as investors reacted to the company's widening losses and revenue decline.

iHeartMedia reported a loss of $66.3 million for Q3, considerably worse than the $41.3 million loss recorded in the same period last year. Revenue fell 1.1% to $997 million, slightly above analysts' expectations of $980.1 million. The company attributed the decline primarily to lower political advertising sales, given that last year was a presidential election year, and a decrease in broadcast advertising due to uncertain market conditions. The Multiplatform group, which includes the company's traditional radio business, saw revenue fall 4.6%.

Despite the overall decline, there were some bright spots in the report. The Digital Audio group revenue rose 14%, driven by increased demand for digital and podcast advertising. However, this growth was not enough to offset the broader challenges facing the company. Looking ahead, iHeartMedia provided a cautious outlook for the fourth quarter, expecting overall revenue to decline in the low-single digits. Excluding the political business, the company anticipates a mid-single-digit increase in revenue, which may not be sufficient to allay investor concerns about the company's near-term prospects.