Cumulus Media Inc Cl A Down 11.30% To $4.79 After Earnings

Cumulus Media Inc Cl A (CMLS) said before open Friday that it broke even in quarter three 2023.

In the same quarter a year ago, the company earned $0.45 per share on revenue of $233.5 million.

The stock is down 11.30% to $4.79 after the report.

Cumulus Media Inc Cl A's profit margins maintained as both earnings and revenue declined at the same pace.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Cumulus Media Inc Cl A a Bullish Sentiment Rank from InvestorsObserver.

Cumulus Media Inc Cl A has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 87, putting Cumulus Media Inc Cl A in the top 25% of stocks. The firm set a 52-week low on May 9, 2023 at $2.57 and set a 52-week high on November 2, 2022 at $7.89.

Cumulus Media Inc is a radio broadcasting company combining high-quality local programming with iconic, nationally syndicated media, sports, and entertainment brands to deliver premium content choices to its customers and radio stations affiliated with Westwood One network and numerous digital channels. The company's revenue is derived mainly from the sale of local, regional, and national advertising which is broadcast on its radio stations.