iHeartMedia (NASDAQ:IHRT) shares plunged following its fourth-quarter earnings release, falling 26.2%. The company reported revenue of $1.12 billion, up 4.8% year over year but 4.1% below analysts’ expectations. Despite an 18.2% increase in adjusted EBITDA to $246 million — the highest growth rate in nearly three years — operating income results disappointed.

According to CEO Bob Pittman, the quarter showcased the business’s inherent operating leverage. However, investors reacted cautiously, sending the stock down to $1.59.

iHeartMedia posted the weakest performance among the eight tracked broadcasting companies. Meanwhile, the sector overall delivered mixed results: combined revenue met expectations, and next-quarter guidance came in 12.6% above analyst consensus. Since earnings season ended, broadcasting stocks have gained an average of 16.8%.