Audacy (NYSE:AUD) stock is on the rise Thursday as shares continue to rally after the release of its earnings report yesterday.
That earnings report saw the podcast company post revenue of $259.64 million. That’s better than the $258.55 million that Wall Street was expecting. However, it is down 5.7% from the $275.3 million reported in Q1 2022.
David J. Field, chairman, president, and CEO of Audacy, said the following in the earnings report:
“Notwithstanding the difficult economic headwinds, we remain steadfastly focused on delivering significantly higher future levels of Adjusted EBITDA, capitalizing on our multiple growth drivers and our differentiated premium competitive position in the dynamic audio market.”
AUD Stock Movement
That earnings report initially sent shares of AUD stock 16.1% higher during normal trading hours on Wednesday. That came alongside heavy trading as some 25 million shares traded hands during that time.
That rally is continuing today with shares of AUD stock climbing 40.2% higher during pre-market trading on Thursday. With that comes more than 13 million shares of the stock being traded. For the record, the company’s daily average trading volume is closer to 2 million shares.
Investors will also keep in mind Audacy’s low share price of about 11 cents and market capitalization of $20.083 million. Both of these put the company in the penny stock range, which means it’s more volatile.
There’s more stock market news traders will want to dive into below!
We’ve got all of the biggest stock market stories investors need to know about on Thursday! That includes the biggest pre-market stock movers this morning, the latest news concerning Anheuser-Busch (NYSE:BUD), and more. You can find out more on these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.