Latest in First Quarter Earnings

Mark Zoradi, a former longtime Disney executive who is now CEO of major exhibitor Cinemark, believes business comparable with what existed prior to COVID-19 won’t return until at least 2022. “The reality is I don’t think we’re going to be able to get into a full-on rhythm again of product cycles and all that we had…

Cinemark, the No. 3 U.S. exhibitor, reported first-quarter results below Wall Street expectations, revealing the extent of the damage done to its business by COVID-19 on its business. Revenue for the period ending March 31 totaled $543.6 million, down 24% from the year-ago period due to the closure of theaters in…

DraftKings reported a 30% upswing in first-quarter revenue from its core sports betting operations as wider legalization offset the impact of COVID-19. Revenue hit $88.5 million as net losses widened to $68.7 million from $29.6 million in the year-ago quarter. The company is newly consolidated, so the numbers stem…

Roku delivered strong results in the first quarter, with the onset of COVID-19 propelling an 80% rise in total streaming hours in April as linear TV viewing in younger demos showed declines. Total revenue rose 55% from the year-earlier quarter to reach $320.8 million, ahead of Wall Street analysts’ estimates. The…

Sinclair Broadcast Group, the No. 2 U.S. owner of local TV stations and a force in regional sports networks, reported mixed first-quarter results and warned investors of some COVID-19 bumps to come. Total revenue in the quarter rose 123% to $1.61 billion, just shy of Wall Street analysts’ consensus estimate for $1.65…

Nexstar Media Group, the No. 1 owner of local TV stations in the U.S., topped Wall Street’s first-quarter forecasts as advertising momentum before the coronavirus carried the company to a 177% surge in net income. Total revenue in the quarter ending March 31 was $1.09 billion, edging consensus estimates for $1.07…

AMC Networks fell short of Wall Street expectations in the COVID-19-impaired first quarter, with advertising revenue down 11% from the same period in 2019. Earnings per share came in at $1.22, or $1.47 when adjusted for the impact of foreign currency conversions, but either figure was well short of analysts’ consensus…

Charter Communications reported a 68% rise in diluted earnings per share in the first quarter as its total revenue climbed 5% to $11.7 billion, meeting Wall Street analysts’ expectations. Earnings reached $1.86 per share, compared with $1.11 in the same quarter a year ago. Adjusted EBITDA rose 8% to $4.5…

Comcast posted mixed first-quarter results, missing Wall Street expectations for revenue, but beating profit forecasts and warning investors of a “significant” hit to second-quarter results due to COVID-19. NBCUniversal showed clear signs of the pandemic’s impact, with its first-quarter revenue sliding 7% from a year…

Facebook topped Wall Street estimates for revenue in the first quarter with an 18% gain but missed targets for earnings per share. Total revenue came in at $17.7 billion, while earnings of $1.71 per share missed analysts’ consensus by three cents. The company said its daily active users rose 11% in March compared with…

Alphabet, parent company of Google, reported mixed quarterly results Tuesday, falling short of Wall Street profit estimates after a sharp downturn in the last month of the January-to-March quarter. Total revenue rose 13% to $41.16 billion, well above analysts’ consensus forecast for $40.33 billion. Earnings per share…

World Wrestling Entertainment, which has hit some bumps in the road recently, the latest being COVID-19, beat Wall Street estimates for first-quarter revenue and earnings. Its shares climbed more than 10% on the news. Net income for the period came in at $26.2 million, or 31 cents a share, while revenue of $291…