Entravision Communications Corp., a media company otherwise known as EVC, recently announced that it was informed by Meta Platforms about its plan to dissolve its Authorized Sales Partner program globally. This also implies termination of their collaborative projects, including all contracts with entravision, by July 1, 2024.
Following this announcement, EVC's stock value decreased by 2.46%, concluding the regular trading session at $3.57. After-hours trading further plunged the value by 57.14%, reducing each share by $2.04.
The fourth-quarter financial report shows that the net loss attributable to common stockholders has significantly increased, going from $1.63 million or $0.02 per share in the previous year to $18.21 million or $0.21 per share. Although analysts at Thomson Reuters had expected the company to report earnings of $0.07 per share for the same quarter.
However, it wasn't all negative news as Entravision's net revenue for the fourth quarter experienced an increase, registering $320.06 million, an improvement from the prior year's $296.33 million. Analysts had predicted a revenue of $308.47 million for the quarter.
In addition, the company's board has approved a quarterly cash dividend to be distributed among shareholders. It mandates $0.05 per share on both the company's Class A and Class U common stock, to a total sum of $4.4 million. The dividend will be payable by March 29, 2024, to shareholders who are on record as of the close of business on March 15, 2024, while the common stock trades ex-dividend from March 14, 2024.
