Let’s dig into the relative performance of fuboTV (NYSE:FUBO) and its peers as we unravel the now-completed Q2 media earnings season.
The advent of the internet changed how shows, films, music, and overall information flow. As a result, many media companies now face secular headwinds as attention shifts online. Some have made concerted efforts to adapt by introducing digital subscriptions, podcasts, and streaming platforms. Time will tell if their strategies succeed and which companies will emerge as the long-term winners.
The 8 media stocks we track reported a weaker Q2. As a group, revenues missed analysts’ consensus estimates by 2.7%.
Stocks--especially those trading at higher multiples--had a strong end of 2023, but this year has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and while some media stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.4% since the latest earnings results.
Best Q2: fuboTV (NYSE:FUBO) Originally launched as a soccer streaming platform, fuboTV (NYSE:FUBO) is a video streaming service specializing in live sports, news, and entertainment content.
fuboTV reported revenues of $391 million, up 25% year on year. This print exceeded analysts’ expectations by 6.2%. Overall, it was a very strong quarter for the company with a narrow beat of analysts’ earnings estimates.
fuboTV pulled off the biggest analyst estimates beat and fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 2.7% since reporting and currently trades at $1.28.
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Disney (NYSE:DIS) Founded by brothers Walt and Roy, Disney (NYSE:DIS) is a multinational entertainment conglomerate, renowned for its theme parks, movies, television networks, and merchandise.
Disney reported revenues of $23.16 billion, up 3.7% year on year, in line with analysts’ expectations. It was a decent quarter for the company with a solid beat of analysts’ earnings estimates.
Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 3.8% since reporting. It currently trades at $86.55.
Weakest Q2: Scholastic (NASDAQ:SCHL) Creator of the legendary Scholastic Book Fair, Scholastic (NASDAQ:SCHL) is an international company specializing in children's publishing, education, and media services.
Scholastic reported revenues of $474.9 million, down 10.1% year on year, falling short of analysts’ expectations by 14%. It was a weak quarter for the company with a miss of analysts’ earnings estimates.
Scholastic posted the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 16.1% since the results and currently trades at $30.69.
News Corp (NASDAQ:NWSA) Established in 2013 after a restructuring, News Corp (NASDAQ:NWSA) is a multinational conglomerate known for its news publishing, broadcasting, digital media, and book publishing.
News Corp reported revenues of $2.58 billion, up 5.9% year on year, surpassing analysts’ expectations by 3%. More broadly, it was a solid quarter for the company with a narrow beat of analysts’ earnings estimates.
The stock is up 3% since reporting and currently trades at $27.58.
Endeavor (NYSE:EDR) Owner of the UFC, WWE, and a client roster including Christian Bale, Endeavor (NYSE:EDR) is a diversified global entertainment, sports, and content company known for its talent representation and involvement in the entertainment industry.
Endeavor reported revenues of $1.75 billion, up 21.9% year on year, falling short of analysts’ expectations by 12.4%. Overall, it was a weak quarter for the company with a miss of analysts’ earnings and Sports revenue estimates.
The stock is flat since reporting and currently trades at $27.40.
This content was originally published on Stock Story
