The company reported a profit of $38.2 million, or 28 cents per share, beating the Zacks Consensus Estimate of 24 cents per share and representing a 3.4% increase from the same period last year. Operating income ticked up to $79.5 million from $78.7 million.
Revenue increased 2% to $386.1 million, beating the consensus estimate of $382.9 million. Minus political advertising — which has declined from 2018 due to the lack of midterm elections — revenue increased by 3%.
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Wall Street seemed pleased with Entercom’s performance, as the stock jumped by as much as 17.8% in Friday trading to $4.43 — up from Thursday’s closing price of $3.69.
The response was a marked change from the 37% decline in Entercom’s stock price after second quarter earnings fell well short of analyst estimates.