Entercom Communications Strikes Out as Its Stock Falls 16%

Shares of Entercom Communications (NYSE: ETM) were tumbling 16% in morning trading Wednesday after the radio broadcaster reported fourth-quarter revenue that was up 19% sequentially, but down 22% year over year. CEO David Field said "the pandemic continues to hobble a large number of our advertisers, particularly locally," but he was hopeful the combination of widely distributed vaccines, new stimulus spending, and pent-up consumer demand would drive a strong recovery. Entercom stock is up 150% so far this year, even after the drubbing it's taking today, on a rally that largely began last October after it announced it had signed a six-year deal with Flutter Entertainment's (OTC: PDYPF) FanDuel as its official sportsbook partner.