12:13 PM EST, 11/08/2024 (MT Newswires) -- Gray Television ( GTN ) shares plunged more than 28% in recent trading Friday after the company reported Q3 earnings and revenue that missed analysts' estimates and issued revenue guidance below expectations.

The company reported Q3 net income of $0.86 per diluted share, swinging from a loss of $0.57 a year earlier. Analysts polled by Capital IQ expected $0.91.

Revenue for the quarter ended Sept. 30 rose to $950 million from $803 million a year earlier. Analysts surveyed by Capital IQ expected $967.6 million.

For Q4, the company expects revenue in the range of $1.02 billion and $1.05 billion. Analysts polled by Capital IQ expect $1.19 billion.

The company projects 2024 revenue between $3.62 billion and $3.65 billion. Analysts expect $3.79 billion.

Price: 4.12, Change: -1.67, Percent Change: -28.83