Clear Channel Outdoor Holdings (CCO) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $29 million in the quarter, against a net profit of $140.11 million in the last year period.

Revenue during the quarter dropped 7.52 percent to $544.73 million from $589.01 million in the previous year period. Gross margin for the quarter contracted 214 basis points over the previous year period to 39.80 percent. Total expenses were 96.04 percent of quarterly revenues, up from 50.53 percent for the same period last year. That has resulted in a contraction of 4550 basis points in operating margin to 3.96 percent.

Operating income for the quarter was $21.60 million, compared with $291.38 million in the previous year period.

"In the first quarter, we continued to deliver on our strategic initiatives at our Americas and International outdoor businesses," said Bob Pittman, executive chairman and chief executive officer of Clear Channel Outdoor Holdings, Inc. “Around the world, we are investing in building out our digital networks, winning and renewing contracts, and expanding our data-rich, analytics capabilities and automated ad-buying solutions for our marketing partners.”