By Hernan Lopez.
Companies mentioned: Alphabet, Amazon, Disney, Fox, Meta, Netflix, Paramount Skydance, Roblox, Samsung, Spotify, Warner Bros. Discovery.
Questions answered: Why did Netflix and Spotify lose EV despite strong quarters? Which ATN20 company has gained the most EV since the inaugural edition? Why did Disney get the biggest single-day move of the quarter? Is the UFC paying off for Paramount+?
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“Great quarter” is a line experienced analysts try to avoid during earnings calls. But it’s hard to call Q1 anything but. The Streaming Eight collectively drove $9.8B in profits in the quarter, up 54% from the year before. Netflix now accounts for only 40% of that. And it wasn’t only about cost containment: Revenue grew across the board, from +9% for WBD’s streaming businesses to 22% for Amazon’s, according to our models, leaving aside Peacock’s Superbowl+Olympics-fueled +71%. (Reminder: The numbers below are a combination of company reports and Owl & Co’s estimates; see chart footnote for detail. None of this is investment advice.)
Investors mostly agreed, but not where you’d expect....