As the Q2 earnings season comes to a close, it’s time to take stock of this quarter's best and worst performers in the media industry, including Disney (NYSE:DIS) and its peers.
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; on average, revenues missed analyst consensus estimates by 2.7%. Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. 2024 has seen more volatile stock performance due to mixed inflation data, and while some of the media stocks have fared somewhat better than others, they collectively declined, with share prices falling 3.5% on average since the previous earnings results.
Best Q2: 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. Overall, it was a good quarter for the company with a solid beat of analysts' earnings estimates.
The stock is down 4.4% since reporting and currently trades at $86.04.
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The New York Times (NYSE:NYT) Founded in 1851, The New York Times (NYSE:NYT) is an American media organization known for its influential newspaper and expansive digital journalism platforms.
The New York Times reported revenues of $625.1 million, up 5.8% year on year, in line with analysts' expectations. It was a good quarter for the company with a decent beat of analysts' earnings estimates.
The market seems content with the results as the stock is up 3.6% since reporting. It currently trades at $53.97.
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 had the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 17.8% since the results and currently trades at $30.07.
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%. More broadly, it was a weak quarter for the company with a miss of analysts' earnings and Sports revenue estimates.
The stock is up 1.4% since reporting and currently trades at $27.56.
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, surpassing analysts' expectations by 6.2%. More broadly, it was a very strong quarter for the company with a narrow beat of analysts' earnings estimates.
fuboTV achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is down 3.4% since reporting and currently trades at $1.27.
This content was originally published on Stock Story
