07:42 AM EDT, 04/12/2024 (MT Newswires) -- Corus Entertainment Inc. (CJR-B.TO), which saw its shares jump more than 14% yesterday, on Friday reported a fiscal second-quarter adjusted net loss of more than $5.9 million, or $0.03 per share, narrowing from a loss of near $13.9 million, or $0.07 per share, in the year-ago quarter. It met the Capital IQ forecast for a loss of $0.03 in Q2.

Fiscal second-quarter revenue came in at $299.5 million, down from $343.9 million in the year-ago quarter. It also met the Capital IQ forecast on revenues for Q2.

"Television advertising revenue for the second quarter was in line with our expectations," said Corus President and CEO Doug Murphy. "Importantly, premium scripted content returned to our networks and platforms in February with promising early audience results. That said, visibility in the advertising market remains limited despite the normalization of our program supply."

In the third quarter, the company expects delivery of new episodes of scripted programming to resume closer to normal levels following the settlement of labor actions by U.S. writers and actors guilds. However, lingering impacts from the disruption of advertising markets due to the strikes as well as macroeconomic uncertainty and the competitive environment are expected to lower demand for linear advertising.

Corus expects year-over-year declines in television advertising revenue in the third quarter in the range of 10% to 15%.