Why Clear Channel Outdoor Is Tumbling 12% Today
Shares of Clear Channel Outdoors (NYSE: CCO) were tumbling over 12% in afternoon trading Thursday despite the outdoor advertising specialist reporting fourth-quarter earnings that beat Wall Street's expectations. After business improved in the third quarter, the billboard company's business was struck by a resurgence in COVID-19 cases, which it said caused out-of-home metrics, travel patterns, consumer behavior, and economic activity to all slow down. Revenue fell 27% to $541 million as its Americas business declined more sharply than its European business.
