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ITV Posts Ad Revenue Drop of 10 Percent in First Quarter, Sees Second Quarter Down 12 Percent

U.K. TV giant ITV on Thursday reported a 10 percent advertising revenue drop for the first quarter of 2023 amid macroeconomic clouds, slightly less pronounced than its forecast for a roughly 11 percent decrease, with the current second quarter forecast to record a 12 percent decline. The company, led by CEO Carolyn McCall, said that April ad […]

BuzzFeed Will Be “Leaning Into” AI and Creators After Shuttering News Division

BuzzFeed will be relying on its creators and AI to propel the site forward, after shutting down BuzzFeed News and laying off 15 percent of its workforce.  In the first earnings report since the layoffs were announced, CEO Jonah Peretti said the layoffs and changes made to the company — which included reducing budgets, real […]

‘FIFA’ Game Franchise Drives Electronic Arts Quarterly Revenue Rise

Video game company Electronic Arts saw revenues rise to $1.87 billion in its fourth quarter, compared to a year-earlier $1.82 billion as sales from its EA Sports FIFA franchise soared. At the same time, EA swung to a net loss of $12 million, compared to a year-earlier net profit at $225 million. The company,  whose most […]

Endeavor to Launch Quarterly Dividend Amid Heightened Dealmaking

Endeavor plans to launch a quarterly dividend, a sign of confidence in its business as it continued to embark on a number of dealmaking moves. The company, which owns UFC and WME, reported first quarter revenues of $1.6 billion and net income of $36.3 million. The owned sports division (including UFC and PBR) delivered particularly […]

Fox Corp. Swings to Quarterly Loss Due to Dominion Litigation

The high-profile lawsuit between Fox Corp. and Dominion Voting Systems had a significant impact on Fox’s bottom line last quarter, with the company reporting a $50 million loss “primarily due to charges associated with legal settlement costs at Fox News Media.” The earnings report is the first since Fox Corp. settled its defamation lawsuit with […]

Live Nation First-Quarter Revenue Climbs as Concert Demand Rises

Demand for concerts continues rising and bolstering the revenue of ticket seller and concert promoter and operator Live Nation. The company reported total first-quarter revenue of $3.1 billion, up from $1.8 billion a year earlier and above analyst expectations. Concerts brought in $2.3 billion of that revenue, up from $1.2 billion, while ticketing increased to […]

Paramount Streaming Loss Widens to $511M as Paramount+ Hits 60M Subs

Paramount Global reached 60 million Paramount+ streaming subscribers worldwide as of the end of March, a gain of 4.1 million from nearly 56 million as of the end of 2022. But the Hollywood conglomerate on Thursday posted a swing to a first-quarter loss amid a wider streaming loss and an 11 percent TV advertising revenue drop […]

Ad Slump Pulls Down Revenue at Fremantle Parent RTL, While Streaming Grows

RTL Group, the European television giant and parent company of production powerhouse Fremantle, reported a 9 percent drop in revenue for the first quarter of 2023 to €1.4 billion ($1.56 billion), largely due to a slump in its core free-TV business in Germany and France. RTL Group, reporting its latest figures on Thursday, said TV […]

Snap Revenue Drops By 7 Percent During First Quarter As Net Losses Shrink

Snapchat parent company Snap Inc. saw its total revenue drop by 7 percent to $989.6 million, falling within the company’s expectations but missing Wall Street’s consensus, as net losses shrunk by 9 percent to $328.7 million during the first quarter. The tech and social platform last reported $1.3 billion in revenue and $288 million in […]

Roku Pares Down Operating Losses, But Warns of More Ad Uncertainty

Roku pared down its operating losses in the first quarter of 2023 to $212.5 million, after several quarters of growing losses. This is an improvement from its Q4 operating losses of $249.9 million, and comes after Roku had set out a plan to tighten expenses moving forward, with a plan to reach positive adjusted earnings […]

Meta Takes $523M Hit in First Quarter Related to Layoffs, Restructuring

Meta Platforms Inc. said it took a $523 million hit during the first quarter related to the company’s latest round of layoffs, announced in March, that is expected impact 10,000 staffers working across its apps and VR/AR divisions. Total personnel and severance costs stemming from the layoffs are expected to amount to $1 billion, the […]

YouTube Ad Revenue Drops to $6.7B During First Quarter

YouTube brought in $6.69 billion in advertising revenue to start the year, continuing a downward trend for the video giant after past quarters of explosive growth during the earlier years of the pandemic. The first-quarter revenue figure, reported as part of parent company Alphabet’s quarterly earnings on Tuesday, is roughly a 2.6 percent decline compared […]