Why did CMLS's EPS miss forecasts in Q2 2024?

The EPS of CMLS for Q2 2024 missed forecasts due to several factors:

1. **Political Revenue Decline**: Cumulus Media's political revenue was down 55% from 2020, reflecting less competitive presidential primaries. This decline significantly impacted the company's revenue, as political advertising is a substantial source of income for radio stations.
2. **Interest Rate Environment**: Certain categories, such as mortgage banking and home improvement, cited the interest rate environment as a significant obstacle, leading to a decline in national advertising. This suggests that the company's performance was also affected by broader economic conditions and market factors.
3. **Revenue Challenges**: The company has been facing ongoing challenges in local markets, which may have contributed to the decline in revenue. Despite improvements in national spot and network business trends, the overall revenue decline of 2.7% year-over-year indicates sustained revenue challenges.

In summary, the missed EPS forecast in Q2 2024 can be attributed to a combination of political revenue decline, interest rate environment impact on national advertising, and ongoing revenue challenges in local markets.