That’s compared to a severely depressed Q2 in 2020 due to the pandemic. With revenue of $224.7 million Cumulus lost $5.9 million in Q2 compared to a loss of $36 million a year ago. In Q2 2019 Cumulus revenue was $280 million.
The company did eliminate another $10 million in fixed costs in the quarter. By the time 2022 rolls around Cumulus expects to have $70 million in expenses slashed.
CEO Mary Berner said that while the economy is recovering there are other issues such as chip shortages affecting the automotive category and a shortage of workers impacting the retail, restaurant and entertainment categories. Home products, food products and general services and financial were strong categories in Q2 of this year.
The company is pacing down in the mid-teens in Q3 when compared to Q3 of 2019, before the pandemic hit. In Q3 of 2020 Cumulus did benefit from a lot of political revenue which it will not see this year.