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As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at broadcasting stocks, starting with Paramount (NASDAQ:PARA).
Broadcasting companies have been facing secular headwinds in the form of consumers abandoning traditional television and radio in favor of streaming services. As a result, many broadcasting companies have evolved by forming distribution agreements with major streaming platforms so they can get in on part of the action, but will these subscription revenues be as high quality and high margin as their legacy revenues? Only time will tell which of these broadcasters will survive the sea changes of technological advancement and fragmenting consumer attention.
The 7 broadcasting stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 1.1% while next quarter’s revenue guidance was 0.6% below.
In light of this news, share prices of the companies have held steady as they are up 3.5% on average since the latest earnings results.
Paramount (NASDAQ:PARA)
Owner of Spongebob Squarepants and formerly known as ViacomCBS, Paramount Global (NASDAQ:PARA) is a major media conglomerate offering television, film production, and digital content across various global platforms.
Paramount reported revenues of $7.19 billion, down 6.4% year on year. This print exceeded analysts’ expectations by 1.3%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ adjusted operating income estimates and a decent beat of analysts’ EPS estimates.
The stock is up 1.4% since reporting and currently trades at $11.84.
Is now the time to buy Paramount? Access our full analysis of the earnings results here, it’s free.
Best Q1: FOX (NASDAQ:FOXA)
Founded in 1915, Fox (NASDAQ:FOXA) is a diversified media company, operating prominent cable news, television broadcasting, and digital media platforms.
FOX reported revenues of $4.37 billion, up 26.8% year on year, outperforming analysts’ expectations by 4.3%. The business had an exceptional quarter with a solid beat of analysts’ adjusted operating income estimates and an impressive beat of analysts’ EPS estimates.
FOX achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 11.8% since reporting. It currently trades at $56.20.
Is now the time to buy FOX? Access our full analysis of the earnings results here, it’s free.
Weakest Q1: iHeartMedia (NASDAQ:IHRT)
Occasionally featuring celebrity hosts like Ryan Seacrest on its shows, iHeartMedia (NASDAQ:IHRT) is a leading multimedia company renowned for its extensive network of radio stations, digital platforms, and live events across the globe.