- Cumulus Media posted a wider net loss in Q1 as revenue slipped more than 7%, but narrowly beat earnings expectations and cut content costs more than 7% as well.
- EBITDA of $44.66M missed expectations for $46.68M.Revenue by segment: Broadcast advertising, $251.2M (down 7%); Digital Advertising, $8.1M (down 16.4%); Political advertising, $702K (down 67.7%); license fees and other, $11.1M (up 9.1%).
- Broadcast advertising further broke down into $141.6M local, $22.8M national, and $86.7M network.
- Capex was $10.1M, mainly $6M for a new office and studio in San Francisco and $2M in platform-wide computer upgrades.
- Shares are down 46% YTD.
The company had revenue of $271.08 million for the quarter, compared to the consensus estimate of $282.47 million.
During the same quarter last year, the company posted ($0.04) earnings per share. Cumulus Media’s revenue was down 7.2% compared to the same quarter last year.