The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how media stocks fared in Q1, starting with fuboTV (NYSE:FUBO).
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 9 media stocks we track reported a weak Q1; on average, revenues missed analyst consensus estimates by 0.6%. Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. But the beginning of 2024 has seen more volatile stock performance due to mixed inflation data, and media stocks have held roughly steady amidst all this, with share prices up 2.4% on average since the previous earnings results.
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 $402.3 million, up 24% year on year, exceeding analysts' expectations by 5.5%. It was a strong quarter for the company: fuboTV blew past analysts' revenue and EPS expectations. That was driven by outperformance in its domestic average revenue per user (ARPU) of $84.54 compared to estimates of $79.81.
fuboTV scored the fastest revenue growth of the whole group. The stock is down 11.6% since reporting and currently trades at $1.37.
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Best Q1: 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 $594 million, up 5.9% year on year, in line with analysts' expectations. It was a strong quarter for the company with an impressive beat of analysts' earnings estimates.
The market seems happy with the results as the stock is up 15.4% since reporting. It currently trades at $53.35.
Weakest Q1: 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 in the group. Interestingly, the stock is up 3.6% since the results and currently trades at $37.87.
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 $1.85 billion, up 15.9% year on year, falling short of analysts' expectations by 1.1%. Zooming out, it was a mixed quarter for the company with a decent beat of analysts' earnings estimates but a miss of analysts' Sports revenue estimates.
The stock is up 2.2% since reporting and currently trades at $27.07.
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 $22.08 billion, up 1.2% year on year, in line with analysts' expectations. Taking a step back, it was a weak quarter for the company with a miss of analysts' earnings estimates and a miss of analysts' Experiences revenue estimates.
The stock is down 20.7% since reporting and currently trades at $92.31.
This content was originally published on Stock Story
