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Business

Twitter Shares Soar After It Far Exceeds Q1 Earnings Expectations

Twitter’s stock price is up about 9% in pre-market trading after the social media company released a Q1 earnings report that crushed Wall Street expectations. It reduced its net loss by 22.8% vs the period last year to $61.6 million on revenues of $548.3 million, down 7.8%. But the top line was well ahead of the $511.91 that analysts anticipated. Adjusted earnings of 11 cents a share soared past forecasts for a penny. The company still has a long way to go. It warns that… Read

Business

AT&T Delivers Mixed Q1 Results As Video Subscriptions Slip

AT&T turned in mixed results for Q1, a period that also saw a 233,000 drop in its video subscriptions, according to the just-released financial report. The telco, also the largest TV distributor, generated $3.47 billion in net income, down 8.8%, on revenues of $39.37 billion, down 2.9%. The top line was slightly below the $40.57 billion that analysts expected. Adjusted earnings, at 74 cents a share, came in right where the Street anticipated. Shares are up about 1% in… Read

International

Sony Increases Profits Forecast By $430M

Just a week before it is due to reveal its annual results, Japan's Sony Corp. has issued a revised forecast for the financial year to March 2017, expecting net profits of $668M and operating profits of $2.6B. That marks a near tripling of its previous net estimate, up $430M, and a 18.8% hike in operating profits. Sony said the forecast had been revised upward due to expected improvement in all parts of the business, except for electronic components. "The forecast for… Read

Business

Verizon CEO Comments About Media M&A “Taken Out Of Context” – Update

UPDATE:  Verizon CEO Lowell McAdam’s comments on Tuesday that seemed to suggest he’d be interested in an acquisition of Disney, Comcast or CBS were “a little taken out of context,” CFO Matt Ellis told analysts this morning. The CEO raised some eyebrows on Wall Street when he told Bloomberg that “If Brian [Roberts] came knocking on the door, I'd have a discussion with him about it. But I'd also tell you there isn't much that I wouldn't have a discussion around if somebody… Read

Business

Yahoo Beats Q1 Earnings Expectations And Says Sale To Verizon On Track

Russians indicted in Yahoo hack

In what’s probably its last financial report as an independent company, Yahoo reported Q1 results that beat analyst expectations — and said it still expects the deal to sell its media assets to Verizon to close in June. CEO Marissa Mayer said that she’s “committed to finishing strong and planning for the best possible integration with Verizon.” She adds that she has “never been more proud of the improvements we've made to the business and the value we've delivered to our… Read

breakingBusiness

Netflix Q1 Results Beat Forecasts On Earnings, But Not Subscriptions

UPDATE with post-market stock changes: Netflix shares are up 1.4% in post-market trading, after initially falling about 1%, as investors sorted through its release of Q1 results that exceeded analysts’ financial forecasts — but disappointed in subscriber growth. The company reported a huge increase in net income, to $178.2 million from $27.7 million in the period last year. Revenues were up 35% to $2.64 billion. The top line was right about where analysts expected, and… Read

Business

MGM To Double Content Spending In 2017 As TV Bolsters Q4 Financials

The specter of 2015’s successful James Bond film Spectre hovered over MGM’s financial results for Q4. But although film content revenue fell with no 2016 release that matched Bond, improvements in the TV business contributed to a lift in the bottom line. With the strong numbers, CEO Gary Barber told investors today that MGM plans to boost its content spending significantly this year to as much as $440 million, from $218 million in 2016. That will result in “meaningful… Read

Business

Tribune Media Shares Jump On Report That Sinclair Is Interested In A Deal

Tribune Media shares are up more than 9% in pre-market trading this morning after Reuters reported that Sinclair Broadcast Group is interested in a merger — and Tribune disclosed Q4 earnings that fell short of Wall Street expectations. The news service describes the talks with Sinclair as “preliminary” and notes that they may just involve parts of Tribune. A straight combination would put the surviving company well above the FCC’s ownership caps — although many analysts… Read

Business

ITV Revenue Jumps Despite Ad Decline Amid Economic & Political Uncertainty

Reporting its full-year results for the period ended December 31, 2016, ITV said this morning that its overall group revenue grew by 3% to £3.064B ($3.8B). With a 3% drop in net advertising revenue across 2016 — and amid an uncertain economic and political background as Brexit hovers — the UK’s largest commercial broadcaster predicts a 6% ad dip in the first four months of 2017. Still, ITV expects to outperform the market and reported a slight increase in pre-tax profits… Read

Business

AMC Entertainment Cites Record Revenues Following Acquisitions

AMC Entertainment says today that it had a couple of firsts in 2016, the period when it became the world’s largest exhibition chain with acquisitions of Carmike Cinemas and Odeon and UCI Cinemas: It was the first year in which AMC’s admissions revenues topped $2 billion, and concession sales exceeded $1 billion. But most of the Q4 numbers were pretty much in line with Wall Street expectations. Net income fell 20.1% to $33.3 million, with $22.8 million of merger and… Read

Business

AMC Networks Shares Jump After Q4 Earnings Top Expectations – Update

UPDATE with stock trading info: AMC Networks shares soared about 13% this morning after the programmer reported Q4 earnings that topped Wall Street expectations. CEO Josh Sapan said in December that advertising in the year-end period looked lighter than he had anticipated. Some analysts followed by slashing their ad sales estimates, figuring that the number would be roughly flat with last year. But today’s report shows that domestic ad sales were up 3.1%, with price hikes… Read

Business

Dish Network CEO: Streaming Video Is Starting To Replace Traditional Pay TV

Providers of streaming services such as DirecTV Now and Sling TV typically try to calm the fears of programmers that like the lucrative traditional pay TV bundle by saying that they aim to supplement, not replace, it. But Dish Network CEO Charlie Ergen doesn’t buy that anymore. The so-called over the top (OTT) services are “becoming a direct replacement for cable and satellite,” he said in a call to discuss his company’s Q4 performance. And programmers who want to keep… Read