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Clear Channel Q1 Loss Narrower than Expected

(Reuters) – Outdoor advertising company Clear Channel Outdoor Holdings Inc (CCO.N) posted a narrower-than-expected quarterly loss, helped by improved advertising spending and lower expenses.

First-quarter net loss narrowed to $48.8 million, or 14 cents a share, from $91.4 million, or 25 cents a share, a year ago.

Revenue rose 5 percent to $608.8 million and operating expenses fell 1 percent for the latest first quarter.

Analysts were expecting a loss of 16 cents a share, on revenue of $586 million, according to Thomson Reuters I/B/E/S.

Shares of the San Antonio, Texas-based company were up slightly at $10.80 in post-market trade. They closed at $10.73 Monday on the New York Stock Exchange. (Reporting by Sudipto Ganguly in Bangalore; Editing by Aradhana Aravindan)