SBA Communications Reports Q2 FY24 Revenue of $660.48M, EPS of $1.51, Cuts Annual Forecast Amid 5G Slowdown

SBA Communications Corporation reported its second-quarter fiscal 2024 results, revealing a revenue of $660.48 million, which represents a 2.7% decline year-over-year and missed Wall Street estimates by $5.01 million. The company's earnings per share (EPS) stood at $1.51, down 19.25% year-over-year, also falling short of expectations by $0.56. Additionally, SBA Communications announced a quarterly cash dividend of $0.98 per share. The company has subsequently revised its full-year revenue outlook downward, citing a slowdown in 5G leasing activity, which has contributed to its cautious financial forecast. Following the earnings report, SBA Communications' stock experienced a 5% decline in after-hours trading.