Shares in Entravision Communications Corp. lost more than 15 percent Friday after the media company reported poor earnings late Thursday.
Entravision reported a third-quarter loss Thursday of $1.4 million (-1 cent per share), compared with a loss of $108,000 from the same period a year earlier which also included $1.4 million of income from the sale of assets, the company said.
"We faced difficult comparisons due to the absence of certain major events, such as World Cup and political activity, as well as some softness in the advertising market," said Walter Ulloa, the company's chairman and chief executive. "Looking ahead, we remain well positioned to capitalize on the continued growth of the Hispanic population."
Revenues for the Santa Monica-based Hispanic media company slipped 5 percent to $74 million.
Shares in Entravision fell more than 15 percent Friday to $7.48 in afternoon trading Friday.
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