Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at The New York Times (NYSE:NYT) and the best and worst performers in the media industry.
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%. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and media stocks have held roughly steady amidst all this, with share prices up 3.3% on average since the previous earnings results.
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. Overall, it was a strong quarter for the company with an impressive beat of analysts' earnings estimates.
The stock is up 13.8% since reporting and currently trades at $52.64.
Is now the time to buy The New York Times? Find out by reading the original article on StockStory, it's free. John Wiley & Sons (NYSE:WLY)Established in 1807, John Wiley & Sons (NYSE:WLY) is a global leader in academic publishing, providing educational materials, scholarly research, and professional development resources.
John Wiley & Sons reported revenues of $468.5 million, down 11% year on year, outperforming analysts' expectations by 6.8%. It was a decent quarter for the company with full-year revenue guidance beating analysts' expectations but a miss of analysts' earnings estimates.
John Wiley & Sons scored the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 28.5% since reporting. It currently trades at $46.88.
Slowest Q1: Warner Bros. Discovery (NASDAQ:WBD)Formed from the merger of WarnerMedia and Discovery, Warner Bros. Discovery (NASDAQ:WBD) is a multinational media and entertainment company, offering television networks, streaming services, and film and television production.
Warner Bros. Discovery reported revenues of $9.96 billion, down 6.9% year on year, falling short of analysts' expectations by 2.6%. It was a weak quarter for the company with a miss of analysts' earnings estimates and a miss of analysts' Distribution revenue estimates.
Interestingly, the stock is up 10% since the results and currently trades at $8.56.
Warner Music Group (NASDAQ:WMG)Launching the careers of legendary artists like Frank Sinatra, Warner Music Group (NASDAQ:WMG) is a music company managing a diverse portfolio of artists, recordings, and music publishing services worldwide.
Warner Music Group reported revenues of $1.49 billion, up 6.8% year on year, in line with analysts' expectations. Overall, it was a weak quarter for the company with a miss of analysts' earnings estimates.
The stock is down 9.8% since reporting and currently trades at $32.17.
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, surpassing analysts' expectations by 5.5%. More broadly, it was a slower quarter for the company with a miss of analysts' earnings estimates.
fuboTV achieved the fastest revenue growth among its peers. The stock is down 4.5% since reporting and currently trades at $1.48.
This content was originally published on Stock Story
