Overview

* iHeartMedia Q2 revenue up 0.5%, beating analyst expectations, per LSEG data

* Adjusted EBITDA for Q2 rises 3.9% to $156 mln, beating analyst expectations, per LSEG data

* Digital Audio Group revenue up 13% driven by 28% growth in podcast revenue

Outlook

* Company expects Q3 consolidated revenue to decline low-single digits

* iHeartMedia anticipates Q3 revenue excluding political to rise low-single digits

* Company forecasts Q3 adjusted EBITDA between $180 mln and $220 mln

Result Drivers

* DIGITAL AUDIO GROWTH - Digital Audio Group revenue rose 13% driven by increased demand for digital and podcast advertising

* MULTIPLATFORM DECLINE - Multiplatform Group revenue fell 5.4% due to decreased broadcast advertising amid uncertain market conditions

* COST SAVINGS - SG&A expenses decreased 4.3% due to cost-saving initiatives, including reduced employee compensation costs

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $934 mln $912.40

Revenue mln (4

Analysts

)

Q2 Beat $156 mln $151.60

Adjusted mln (3

EBITDA Analysts

)

Q2 Free -$13 mln

Cash

Flow

Q2 $35 mln

Operatin

g Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the broadcasting peer group is "hold"

* Wall Street's median 12-month price target for iHeartMedia Inc ( IHRT ) is $1.58, about 1.6% below its August 8 closing price of $1.60

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)