Salem Media Group Inc. badly missed Wall Street expectations on earnings and revenue for the first quarter as the coronavirus impacted its business, but its shares gained more than 9 percent.
The Camarillo-based Christian broadcaster, publisher and online content distributor reported a net loss of $55.2 million (-$2.07 a share) for the quarter ending March 31, compared with net income of $322,000 (1 cent) in the same period a year earlier. Revenue decreased by 4 percent to $58.3 million.
A single analyst who follows the company expected earnings of -2 cents on revenue of $59.9 million, according to Thomson Financial Network.
Results included a $17.3 million impairment charge due to the coronavirus pandemic, and a $14.8 million increase in operating costs.
The quarterly results were released after the market closed. Shares of Salem (SALM) closed up 8 cents, or just more than 9 percent, to 98 cents on the Nasdaq, on a day when that market closed up less than 1 percent.