Cumulus Q3 Total Revs Down 11.2% to $207.4 Million

RADIO ONLINE | Friday, August 2, 2024 | 10:32am CT

Cumulus Media

Cumulus Media Inc. (NASDAQ: CMLS) reported its financial results for the third quarter of 2023, showing a total net revenue decline of 11.2% year-over-year. The company's revenue decreased to $207.4 million, down from $233 million in the same period of 2022.

Digital revenue, however, saw a positive trend, increasing by 6.6% to $37.2 million compared to $34.9 million in the prior year. On the other hand, broadcast radio revenue experienced a significant drop, falling by 17.4% to $146.2 million from $177 million in 2022.

Adjusted EBITDA for the quarter was $26.9 million, marking a steep decline of 42.2% from the previous year's $46.6 million. The company posted a net income of $2.7 million, or 16 cents per diluted share, compared to a net income of $8.5 million, or 45 cents per diluted share, in the third quarter of 2022.

President and CEO Mary G. Berner commented on the results, highlighting the challenging advertising environment. Berner noted, "Despite the hurdles faced in the current market, our continued focus on digital expansion and cost management has allowed us to achieve growth in our digital revenue and maintain profitability in a tough quarter."

The results reflect the broader challenges within the advertising sector, but Cumulus Media's strategic initiatives in digital transformation continue to show promising results.