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 Q2. 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 9 broadcasting stocks we track reported a mixed Q2. As a group, revenues missed analysts’ consensus estimates by 0.8% while next quarter’s revenue guidance was in line.

Stocks, especially growth stocks with cash flows further into the future, had a good end of 2023. On the other hand, this year has seen more volatile stock market swings due to mixed inflation data, and while some broadcasting stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3% 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 $6.81 billion, down 10.5% year on year. This print fell short of analysts’ expectations by 5.9%, but it was still a satisfactory quarter for the company with an impressive beat of analysts’ earnings estimates but a miss of analysts’ Direct-to-Consumer revenue estimates.

Paramount delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. Interestingly, the stock is up 2.1% since reporting and currently trades at $10.42.

Is now the time to buy Paramount? Access our full analysis of the earnings results here, it’s free.

Best Q2: 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 $3.09 billion, up 2% year on year, in line with analysts’ expectations. The business had a strong quarter with a solid beat of analysts’ operating margin estimates and a decent beat of analysts’ earnings estimates.