Clear Channel Outdoor Holdings Inc.

Clear Channel Outdoor Holdings Inc. (CCO) sank to a new year-low as the billboard giant reported a quarterly loss on a $3.2 billion goodwill impairment charge on Monday amid the deepening economic crisis.

Chief Executive Mark Mays said, "Our Outdoor business has been hit by the deterioration in the global business environment and specifically the advertising downturn."

In the latest fourth quarter, the San Antonio, Texas-based company swung to a net loss of $3.01 billion, or $8.53 per share, from a year-ago profit of $106.6 million, or 30 cents a share. Excluding the goodwill impairment and other charges, Clear Channel Outdoor posted a quarterly loss of 2 cents per share while analysts were looking for a profit of 10 cents. Revenue fell 16% to $785.5 million during the three months ended Dec. 31.

Shares of the company were trading down 18% to $2.66 at noon on the New York Stock Exchange after touching a new 52-week low of $2.14 earlier in the session.

Read the full analyst report on CCO