Clear Channel Outdoor lost $91 million in Q1 2009, the company reported, on revenue of $582 million, down 25 percent from $776 million.
Clear Channel is doing the worst compared to Lamar Advertising and CBS Outdoor, who round out the three big billboard providers. Dow Jones:
CBS Corp. (CBS) said its billboard revenue fell 24%. Lamar Advertising Co. (LAMR), which also reported results last week, only saw revenue decline 12%, but its forecast indicated a further drop-off in the second quarter.Like Lamar, Clear Channel is in the midst of a swingeing cost-cutting program.
The results actually pushed up stock of Lamar and CBS, as Clear Channel's declined on the news.
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