iHeartMedia, Inc. (NASDAQ: IHRT) reported Q2 revenue for the quarter came in at $488 million versus the consensus estimate of $562.5 million.

• Revenue of $488 million, declined 47% YoY
• YoY performance by revenue stream:
  • Broadcast revenue declined 57% from $561 million to $244 million
  • Networks revenue declined 38% from $156 million to $96 million
  • Digital revenue increased 2%, from $91 million to $93 million, led by a 103% increase in podcasting revenue
  • Sponsorship and Events declined 65% from $42 million to $15 million
  • Audio & Media Services declined 33% from $59 million to $39 million
• GAAP Operating loss of $159 million, compared to GAAP Operating income of $182 million in the prior-year-period
• Adjusted EBITDA declined to $(29) million, compared to $263 million in the prior year period
• Cash flows provided by operating activities from continuing operations of $11 million
• Free cash flow (used in) continuing operations of $(7) million

“The challenges that we have faced due to COVID-19 were unprecedented and had a severe, negative impact on our revenue in the second quarter,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “Despite those financial challenges, we retained our strong relationship with the consumer as the #1 audio company in America and the #1 media company in America by reach. As the advertising marketplace is recovering, we are working hard to ensure that we have the products and services to fully capitalize on the opportunity while proactively taking steps to fortify our balance sheet and our liquidity. Finally, I want to thank our employees for their commitment and creativity under such difficult and challenging circumstances.”

“In response to COVID-driven market weakness, we acted rapidly and decisively to further streamline our cost structure and capital-spending programs, while continuing to implement pre-COVID cost savings programs through our modernization initiatives,” said Rich Bressler, iHeartMedia, Inc. President, Chief Operating Officer and Chief Financial Officer. “These actions played an important role in minimizing the negative impact on our free cash flow results against the backdrop of the significant revenue declines we saw in the second quarter. We believe that these actions, in combination with our proactive capital structure management provides the Company with sufficient liquidity to operate effectively even in an extended period of economic weakness.”

For earnings history and earnings-related data on iHeartMedia, Inc. (IHRT) click here.