Shares of Outfront Media (OUT) are experiencing a dramatic pre-market plunge of 28.53% on Friday following the release of its disappointing first-quarter earnings report. The outdoor advertising company's results fell short of analysts' expectations, triggering a significant sell-off among investors.
Outfront Media reported a quarterly adjusted loss of $0.12 per share, which was wider than the mean expectation of seven analysts who had forecast a loss of $0.08 per share. This performance was a disappointment compared to the same quarter last year when the company reported a loss of $0.18 per share. Revenue for the quarter also declined by 4.4% to $390.7 million, falling short of the $396 million anticipated by analysts.
The company's underwhelming results have raised concerns about its ability to navigate the challenging advertising market. With a quarterly loss of $20.6 million and a 4.4% drop in revenue, investors are reassessing their outlook on Outfront Media's near-term prospects. The sharp pre-market decline suggests that market participants are rapidly adjusting their valuations in light of the earnings miss and the company's struggles to meet financial targets in the current economic environment.
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