Netflix Gains 5.3M Global Subs In Q3 As Stock Sets Record; Says Bid For Weinstein Co “Extremely Unlikely”
UPDATED with executive comments: The Netflix juggernaut shows few signs of slowing. After the close of trading today, the company reported a 49% year-over-year increase in global subscribers in the third quarter.
The global tally now stands at 104 million. In the quarter, Netflix added 850,000 new customers in the U.S., to hit 52.77 million overall, and internationally it signed up 4.45 million for a total of 56.48 million.
The news sent company shares through the ceiling… Read
Snap Shares Plummet After It Misses Investor Q2 Earnings Expectations
Snap’s efforts to attract users, and advertisers, are less effective than investors imagined. Its just-released Q2 report showed it fell short of almost every benchmark Wall Street set for the company sending shares down more than 16% in post market trading.
The company went public in March at $17 a share, and now trades for less than $12.
Snap reported a Q2 net loss of $443.1 million, from a $115.9 million loss in the period last year, on revenues of $181.7 million, up… Read
Fox Reports Mixed June Quarter Results Helped By News Ratings
21st Century Fox just reported that it ended its fiscal year in June with a so-so quarter — with strength at Fox News outweighing the weak box office for Alien: Covenant.
Shares are mostly unchanged in post market trading.
The numbers were affected by a $258 million tax expense vs a $60 million gain in the period last year. Factoring them in, net income at $476 million, was down about 16.1%, on revenues of $6.75 billion, up 1.5%.
Analysts thought revenues would be a… Read
Disney To Launch Disney- And ESPN-Branded Streaming Services, Altering Netflix And BAMTech Deals
Look out Netflix: Disney says today that it will end its theatrical distribution deal with Netflix beginning in 2019 to feed its releases to a new Disney-branded streaming service launching that year.
The company also announced that its ESPN-branded streaming service, which it had previously discussed, will launch in early 2018.
“We’re going to go for significant distribution,” CEO Bob Iger told analysts. Although he declined to discuss pricing, he says the company will… Read
CBS Beats Q2 Earnings Estimates Helped By Digital Sales; Plans 24/7 Sports Streaming Service: Update
CBS CEO Les Moonves has fallen in love with digital: His streaming properties helped the company to continue its streak of beating Wall Street’s earnings expectations in Q2 — at least when you don’t include the radio operation it plans to merge with Entercom.
And he told analysts that the company plans to introduce a 24/7 live streaming service for sports. No details just yet, including a name.
The company took a $365 million charge on CBS Radio, adjusting for the lower… Read
Viacom Beat June Quarter Earnings Estimates Helped By SVOD Sales
Viacom seems to be right in the middle of major media companies reporting Q2 earnings: Its just-released numbers — while beating Wall Street expectations — are not as encouraging as Time Warner and AMC Networks’, but also not as worrisome as Discovery Communications and Scripps Networks Interactive’s.
Shares are up about 3% in postmarket trading.
For the June quarter — Viacom’s fiscal Q3 — the company generated net income of $680 million, up 58% vs the period last year if… Read
Univision Reports “Challenging” Q2 Ad Sales As Revenues Fall
Univision’s recent changes in its ad sales operation follow a quarter that was “more challenging than expected,” CFO Frank Lopez-Balboa told the privately held company’s investors today.
The Spanish language broadcaster has seen weakness in sales to auto, restaurant, and food companies, as well as in big markets including Los Angeles and Houston.
“When you see that it just affects the entire business,” Lopez-Balboa says. “We expect, and hope, for things to rebound but… Read
Dish Network’s Core TV Business Shrank In Q2 While Investors Wait For Deal
Dish Network shares are down 4.4% in mid-day trading after it reported worse than expected Q2 results — without offering news on the subject that investors really care about: a possible deal with another company that might covet Dish’s spectrum rights.
CEO Charlie Ergen declined to discuss specifics, including a recent report that Dish has been talking with Amazon, in his quarterly earnings call.
Meanwhile, he says, “our core [satellite TV] business is a mature to… Read
AMC Networks Beat Profit Expectations In Q2 With Gains In U.S. Ad Sales
AMC Networks delivered a mixed report this morning on its Q2 financial performance — lighter than expected on the top line, but better on the bottom — that shouldn’t affect investors’ thinking about their main question for the company: When’s it likely to be sold?
The home of The Walking Dead reported net income of $102.6 million, up 32.9% vs the period last year, on revenues of $710.5 million, up 3.8%. Analysts expected $714.9 million from revenues. Earnings at $1.54 a… Read
Time Warner Beats Q2 Earnings Expectations Helped By ‘Wonder Woman’
Time Warner seems to be cruising toward its $85 billion sale to AT&T — which it expects to close by year end — based on the better-than-expected results in its Q2 earnings report out this morning. The box office strength of Wonder Woman at Warner Bros, and ratings at CNN, helped to overcome slightly lighter than anticipated results at HBO.
Time Warner reported net income of $1.06 billion, up 11.6% vs the period last year, on revenues of $7.33 billion, up 5.4%. The top… Read
AMC Entertainment Shares Dive After It Discloses Weak Q2 Results And Cost Reduction Plan
AMC Entertainment shares plummeted more than 26% in post market trading today after it issued a preview report of its Q2 results with numbers way below expectations.
As a result, it says, it has introduced “a domestic cost reduction and revenue enhancement plan” designed to save $30 million by the end of the year.
The plan includes “strategic pricing” plus “adjusting scheduling practices, reductions in operating hours, staffing levels, and additional general operating… Read
Apple Shares Rise With Earnings Beat For June Quarter, And iPhone Optimism
Apple shares are up about 5.5% post market trading after it reported better-than-expected earnings for the June quarter — with a signal that the much anticipated iPhone 8 is on track to be introduced before the end of September.
If the stock price holds tomorrow, then Apple would hit an all-time high.
The company generated net income of $8.72 billion, up 11.8% vs the period last year, on sales of $45.41 billion, up 7.2%. Analysts expected $44.89 billion from the top… Read