iHeartMedia Reports Q3 Revenue Growth Amidst Guidance Shortfall and Outlines 2027 Programmatic Strategy
iHeartMedia (IHRT) reported third-quarter consolidated revenue of $1.03 billion, representing a 3.3% increase year-over-year. Despite this growth, the company's performance fell below previous guidance. CEO Bob Pittman attributed the shortfall to ongoing pressures within the radio sector. Looking ahead, management provided Q4 adjusted EBITDA guidance in the range of $135 million to $185 million. The company also detailed a long-term strategic pivot toward programmatic advertising, aiming to reach $400 million in programmatic revenue by 2027 as part of its efforts to diversify and modernize its revenue streams.
Tickers: $IHRT
Topics: quarterly earnings radio industry trends revenue shortfall
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