iHeartMedia Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
iHeartMedia, Inc. Reports Q2 2024 Financial Results
iHeartMedia, Inc. has reported its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates | Difference from Consensus |
|---|---|---|---|---|---|
| Revenue | $929.1 million | $920.0 million | +1.0% | $915.98 million | +$13.12 million |
| Earnings Per Share (EPS) | -$6.84 | -$6.15 | -$0.31 | -$6.53 |
Interpretation : iHeartMedia's total revenue for Q2 2024 was $929.1 million, marking a 1.0% year-over-year increase. This revenue also exceeded consensus estimates by $13.12 million. However, the company reported a significant EPS loss of $6.84, which was substantially lower than the consensus estimate of -$0.31.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Multiplatform Group | $564.7 million | $584.7 million | -$20.0 million |
| Digital Audio Group | $286.5 million | $261.7 million | +$24.8 million |
| Audio & Media Services | $70.0 million | $65.7 million | +$4.3 million |
Interpretation : The Digital Audio Group saw the most significant growth with a 9.5% increase in revenue year-over-year, driven largely by heightened demand for digital advertising. Conversely, revenue from the Multiplatform Group declined by 3.4%, mainly due to decreased broadcast and network advertising amidst uncertain market conditions.
Officer Comments
Key officers noted that despite the market uncertainties, the company managed to achieve revenue growth in its Digital Audio and Audio & Media Services Groups. However, they acknowledged challenges in the Multiplatform Group due to continued uncertainties impacting broadcast and network advertising.
Stock Price Movement
Following the earnings release, iHeartMedia's stock experienced an increase of approximately 1.05%.
This summary encapsulates the crucial elements of iHeartMedia, Inc.'s earnings report for Q2 2024. Please double-check all listed data to ensure accuracy. If information is insufficient for a particular section, it has been omitted as instructed.