To date, seven of eight companies in the S&P 500 have exceeded the consensus analyst profit estimate.
Despite the headline sales decline, it’s momentum in the company’s digital business that has investors excited.
Working against weak comparisons from the previous year, iHeartMedia said that April revenue increased 85% year-over-year, including 170% growth from podcasts.
Insiders also see value in iHeartMedia, as CEO Robert Pittman bought $200,000 worth of shares in March, on the open market.