Some good news for Entercom after a combination cyber attack and crappy second quarter.

The Philly-based radio company, which owns 94 WIP and other stations, saw its stock price jump on the strength of third quarter earnings.

Writes Jeff Blumenthal at the Philadelphia Business Journal:

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%.

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.

Blumenthal notes that the cyber attack cost Entercom $400k in revenue while they put two million additional dollars into upgrading their security measures. I talked to several people “close to the situation” who said that phones were down, email was down, and that the ransomware attack was timed specifically for when the company was transitioning into their new building at 2400 Market Street. That’s where corporate headquarters are now located, along with operations for the local cluster of radio stations, which is comprised of WIP, 1210 WPHT, 98.1 WOGL, 96.5 TDY, KYW News Radio, and B101.1.