UPDATE 1-Clear Channel Outdoor posts Q4 loss; shares tank

* Q4 loss $8.53/shr

* Rev falls 16 pct

* Shares fall 32 pct

March 2 (Reuters) - Outdoor advertising company Clear Channel Outdoor Holdings Inc (CCO.N) swung to a quarterly loss, hurt by a goodwill impairment charge of $3.2 billion due to the global economic downturn, sending its shares down 32 percent to an all-time low.

The company reported a fourth-quarter net loss of $3.01 billion, or $8.53 a share, compared with a profit of $106.6 million, or 30 cents per share, a year earlier. Revenue came in at $785.5 million. [ID:nWNAB8774]

Excluding the goodwill impairment and certain other charges, the company posted a loss of 2 cents a share.

Analysts expected earnings of 11 cents a share, excluding exceptional items, on revenue of $867.1 million, according to Reuters Estimates.

Revenue from the America's region fell about $54.8 million for 2008, with the entire decline occurring in the fourth quarter, as poster and bulletin revenue dropped due to cancellations and non-renewals from major national advertisers.

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

As the United States sinks deeper into a recession, businesses are pulling back on advertising budgets to cut down on expenses.

Shares of the San Antonio, Texas-based company fell $1.05 to a low of $2.20 before paring some losses to trade down 64 cents at $2.61 Monday morning on the New York Stock Exchange. (Reporting by Shrutika Verma in Bangalore; Editing by Anne Pallivathuckal)