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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Stingray Reports Third Quarter 2021 Results
Stingray Group Inc.February 3, 2021 GMT
Third Quarter Highlights
Revenues decreased 10.8% to $72.6 million from $81.3 million, primarily due to the impact of the COVID-19 pandemic on Radio revenues
Broadcasting and Commercial Music revenues increased 0.7% and Radio revenues decreased 21.8%, beating the Canadian Radio market in most comparable measures
Marked organic growth of 6.3% in Broadcast and Recurring Commercial Music revenues(1) excluding the impact of foreign exchange and impressive organic growth of 13.7% in the United States
Operating expenses materially decreased by 20.7% to $40.6 million from $51.2 million