NEW YORK (TheStreet) -- Shares of Cumulus Media (CMLS) were falling 7.5% to $2.11 on heavy trading volume Friday after the radio broadcaster missed analysts' estimates for revenue in the first quarter.
Cumulus Media reported revenue of $271.08 million for the first quarter, down 7.2% from the year-ago quarter, and below analysts' estimates of $282.71 million. The company reported a loss of 5 cents a share for the quarter, above analysts' estimates of a loss of 6 cents a share.
Broadcast advertising fell 7% from the year-ago quarter to $251.2 million. Digital advertising revenue fell 16.4% to $8.07 million for the quarter, and political advertising fell 67.7% to $702,000 in the quarter.
About 6 million shares of Cumulus Media were traded by 3:10 p.m. Friday, above the company's average trading volume of about 1.4 million shares a day.
TheStreet Ratings team rates CUMULUS MEDIA INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CUMULUS MEDIA INC (CMLS) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, deteriorating net income, disappointing return on equity, poor profit margins and generally high debt management risk."
You can view the full analysis from the report here: CMLS Ratings Report