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Tuesday, May 28, 2024

Salem Media Falls on Disappointing Quarter

Shares of Salem Media Group Inc. fell more than 16 percent Thursday after the Camarillo-based Christian and conservative media company announced a worse-than-expected quarterly loss of $2.2 million, or -8 cents a share. Analysts had expected earnings of 8 cents a share, according to Thomson Financial. While total revenue remained essentially flat at $66.3 million, Salem’s operating expenses increased 12.9 percent to $64.9 million. The company has closed 10 acquisitions or sales since April 1, including a $3.7 million purchase of e-commerce site Childrens-Ministry-Deals.com. Salem (SALM) fell 85 cents, or 16.7 percent, on Thursday to close at $4.25 on the Nasdaq.

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