With Q3 revenue coming in at $196.4 million in Q3, Cumulus, like every other company in America, continues to struggle through a national pandemic. To offset the steep revenue decline, the company continues to slash spending. $85 million in cost-savings is expected for the year with $25 million in Q4 and $15 million expected in Q4.
The good news. September revenue finished 35% higher than June. A big political season always helps and Cumulus hauled in $5.8 million in political revenue in Q3 versus $1.7 million in Q3 2019 and $3.6 million in Q3 2018. It was a record quarter for political, and the company is on track for another record quarter in Q4.
Cumulus CEO Mary Berner said, while the environment still remains uncertain Cumulus now has the resources and flexibility to respond to opportunities that might arise from the disruption and invest in areas that will drive growth, while continuing to improve the balance sheet. “On virtually all metrics, our third quarter results represented a significant improvement from Q2.”