The stock value of Urban One, Inc. (NASDAQ: UONE) saw a notable increase of 4.40%, culminating at $4.03 during the most recent trading session. This increase was driven by the excitement around the upcoming announcement of the company's quarterly financial data.
In announcing the business's results for the quarter ending September 30, 2023, Urban One (UONE) reported net sales of around $117.8 million, which is a 2.8% decrease from the same time in 2022. An operational loss of around $56.1 million was revealed in the financial report for the same quarter, which is a significant departure from the operating loss of roughly $18.0 million reported during the same time in 2022.
The operational income for the broadcast and digital operations division was $43.8 million, which represents a 13.9% decrease from the 2022 equivalent. Comparatively speaking, the net income for the same time in 2022 was roughly $3.5 million, or $0.07 per share (basic), while the net loss for the quarter was approximately $54.4 million, or $1.14 per share (basic). Compared to the nearly $44.3 million reported in the third quarter of 2022, the Adjusted EBITDA for the period was about $34.1 million.
During the recent Earnings call on December 7th, Urban One acknowledged that the third quarter closely aligned with expectations. The radio markets for UONE sustained softness into the fourth quarter, with projections indicating an estimated 14% overall decline, a 23% downturn in same stations, and a 13% decrease in same stations excluding political advertising.
The first quarter of radio operations is anticipated to exhibit a low-single-digit decline on a same-station basis. While Reach Media and Digital segments displayed relatively robust performance in Q3, the challenge of subscriber churn persisted in the linear TV business, affecting the entire industry. Urban One anticipates concluding the year in accordance with its earlier guidance for Adjusted EBITDA, ranging between $125 million and $128 million.