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 Q2, 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 7 media stocks we track reported a strong Q2. As a group, revenues beat analysts' consensus estimates by 2.1%.
In light of this news, share prices of the companies have held steady as they are up 3.8% on average 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 $380 million, down 2.8% year on year. This print exceeded analysts' expectations by 3%. Overall, it was a very strong quarter for the company with a beat of analysts' EPS estimates and a solid beat of analysts' adjusted operating income estimates.
fuboTV delivered the slowest revenue growth of the whole group. Unsurprisingly, the stock is down 2.9% since reporting and currently trades at $3.58.
Is now the time to buy fuboTV? Access our full analysis of the earnings results here, it's free.
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 $685.9 million, up 9.7% year on year, outperforming analysts' expectations by 2.3%. The business had a very strong quarter with a solid beat of analysts' adjusted operating income estimates and an impressive beat of analysts' EBITDA estimates.
The New York Times achieved the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 11.6% since reporting. It currently trades at $59.84.
Is now the time to buy The New York Times? Access our full analysis of the earnings results here, it's free.
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 $508.3 million, up 7% year on year, exceeding analysts' expectations by 2.8%. Still, it was a slower quarter as it posted full-year EBITDA guidance missing analysts' expectations significantly.