iHeartMedia, the largest US radio and podcast company, reported second-quarter revenue ahead of guidance, driven partly by a surge in political advertising ahead of the November midterm elections. The results matter because they underline how election-cycle spending, which is spilling over from television into radio and digital audio as TV ad space fills up, is helping offset weaker performance in the company's core broadcast radio business, even as it continues cutting staff.

Revenue rose 4.7% to $977 million, though adjusted EBITDA fell 2.9% to $152 million. The multiplatform division, which includes more than 860 radio stations, saw revenue slip 2% to $536 million, while digital audio revenue climbed 12% to $364 million, with podcasts up 21% to $164 million. iHeart reaffirmed its full-year guidance of $800 million in EBITDA and $200 million in free cash flow, and its shares fell nearly 3.9% in after-hours trading to $3.71.