Shares in Entravision Communications Corp. dropped more than 10 percent early Friday after the media company more than doubled its quarterly loss due to slower-than-expected ad sales.
Entravision reported a first quarter loss of $7.7 million (-8 cents per share), down from a loss of $3.3 million (-3 cents) in the same period a year earlier.
Revenues for the Santa Monica-based Spanish-language media company were $55.7 million, down from $56.9 million on slow radio and TV advertising sales, the company said.
The company also said that it expects revenues to decrease by low- to mid-single digit percentages while it expects operating expenses to increase by low-single digit percentages.
Shares in Entravision were down 10 percent to $6.24 in early trading Friday.
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