Entravision Communications Shares Plummet Following Meta's Warning Of Partner Program End

(RTTNews) - Entravision Communications Corp. (EVC) said it received a communication from Meta Platforms that it intends to wind down its Authorized Sales Partner program globally and end its relationship with all of its Authorized Sales Partners, including Entravision, by July 1, 2024.

EVC closed Tuesday's regular trading at $3.57 down $0.09 or 2.46%. In the after-hours trading, the stock further dropped $2.04 or 57.14%.

Entravision reported that its fourth quarter net loss attributable to common stockholders widened to $18.21 million or $0.21 per share from $1.63 million or $0.02 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net revenue for the fourth quarter rose to $320.06 million from $296.33 million in the prior year. Analysts expected revenue of $308.47 million for the quarter.

The company announced that its board approved a quarterly cash dividend to shareholders of $0.05 per share on the company's Class A and Class U common stock, in an aggregate amount of $4.4 million. The quarterly dividend will be payable on March 29, 2024 to shareholders of record as of the close of business on March 15, 2024, and the common stock will trade ex-dividend on March 14, 2024.

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