Corus Entertainment (TSX:CJR.B) Inc shares slipped 7% to $1.56 after the television and radio broadcaster announced second quarter 2023 revenue of $343.9 million, down from $361.7 million during the same period last year, citing weak television ad sales.
Corus also recorded a 2Q loss attributable to shareholders of $15.5 million, or $0.08 per diluted share, for the quarter ended February 28, compared with a profit of $16.2 million, or $0.08 per diluted share, a year earlier.
“Our second quarter results reflect the impact of current global advertising market conditions on advertising revenue, partially offset by significant growth in our owned content business,” Corus Entertainment (TSX:CJR.B) CEO Doug Murphy said in a statement.
“The ongoing actions we are taking to expand our premium digital video business, with the concurrent expansion of cross-platform monetization capabilities and prudent content investments, are advancing our strategic plan for future profitable growth,” he added.
The company noted that its overall television revenue of $321.5 million was down from $339.7 million a year ago, as the advertising segment fell to $169.1 million from $184.7 million and subscriber revenue eased to $124.1 million from $132.8 million.
Its radio revenue, though, came in at $22.3 million, up from $22 million in the same quarter last year.
Contact Sean at sean@proactiveinvestors.com