iHeartMedia sees Q2 revenue down mid-single digits, consensus $912.68M

Sees Q2 consolidated adjusted EBITDA $180M-$200M. Sees april revenue down 5%. "We were pleased that we slightly exceeded our previously reported guidance for the quarter, with our consolidated revenues down 3.8% year-over-year compared to the guidance range we provided of down in the mid-single digits, and our Q1 Adjusted EBITDA of $93 million above the high end of the guidance range we provided," said Rich Bressler, President, COO and CFO of iHeartMedia, Inc. "We remain committed to driving shareholder value, and while we can’t predict when the advertising marketplace will fully recover, we believe that our Multiplatform revenues will continue to recover and that our Digital Audio Group revenues will continue to grow throughout 2023. With the benefit of what are expected to be record levels of political spend in 2024, and the annualized impact of the cost reductions we have made over the past six months, in 2024 we expect to resume our growth trajectory that was interrupted by this period of recent advertising softness."