US Broadcasting Firm Cumulus Media Stock Is Tanking After Q3 Performance - Here's Why
Portfolio Pulse from Anusuya Lahiri
Cumulus Media Inc reported Q3 net revenue of $207.42 million, a decline of 11% YoY, slightly missing the consensus of $207.47 million. EPS was $0.16, down from $0.45 YoY. Total broadcast radio revenue declined by 17.4% YoY to $146.25 million. Adjusted EBITDA declined by 42% YoY to $26.9 million. The company's shares traded lower by 12.60% at $4.72 on the last check Friday.
October 27, 2023 | 2:53 pm
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Cumulus Media's Q3 results missed estimates, leading to a drop in its stock price.
Cumulus Media reported lower than expected Q3 results, with a decline in net revenue, EPS, and total broadcast radio revenue. This has led to a negative impact on the company's stock price, which traded lower by 12.60%.
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