Investors were tuning out Gray Television (NYSE: GTN) on Friday after the company published its latest set of quarterly and annual results. The stock's price took a nearly 23% hit that day, a far worse performance than the sideways trajectory of the S&P 500 index.

The market's reaction wasn't all that shocking, given that for the quarter Gray's revenue declined and it flipped to a bottom-line loss.

To put numbers on those dynamics, the TV station operator's total revenue was $864 million for the period, down from the $1.07 billion it earned in the fourth quarter of 2022. The GAAP net loss amounted to $22 million ($0.24 per share), while in the year-ago frame Gray netted a profit of $173 million.

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Source Fool.com