iHeartMedia, Inc. (NASDAQ:IHRT) reported Q3 revenue of $953 million, down 3.6% Y/Y. Excluding political revenue, Q3 revenue was down 1%.

The company reported a GAAP operating income of $69 million, compared with an operating loss of $(211) million last year, which included a $302 million non-cash impairment charge.

In the quarter under review, the company reported consolidated Adjusted EBITDA of $204 million, within the previously disclosed guidance range of $195 million-$205 million, compared to $252 million in Q3 2022.

Digital Audio Group revenue in Q3 was $267 million, up 5% Y/Y. Podcast revenue was $103 million, up 13% Y/Y.

Cash balance and total available liquidity at the end of the quarter were $213 million and $625 million, respectively, as of September 30, 2023.

The company's October consolidated revenue is expected to be down approximately 8%.

Q4 Consolidated Adjusted EBITDA is expected to be $205 million-$215 million.

The company said it will remain committed to long-term target of approximately 4x Net Debt to Adjusted EBITDA.

Price Action: IHRT shares are trading lower by 7.69% to $2.40 on the last checked Thursday.