Nexstar's Stock Dips: Q2 Earnings Fall Short Amid Mixed Advertising Market
Portfolio Pulse from Lekha Gupta
Nexstar Media Group Inc (NASDAQ:NXST) reported Q2 FY24 earnings that fell short of expectations, leading to a 3.30% drop in its stock price. The company saw a 2.3% Y/Y increase in net revenue to $1.269 billion, missing the consensus of $1.297 billion. Advertising revenue rose 2.2% Y/Y, driven by political ads, while distribution revenue gained 5.5% Y/Y. Adjusted EBITDA increased by 18.8% Y/Y, and EPS was $3.54, below the consensus of $4.01. Investors can gain exposure to Nexstar via WBI BullBear Value 3000 ETF (NYSE:WBIF) and WBI BullBear Quality 3000 ETF (NYSE:WBIL).
August 08, 2024 | 2:48 pm
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NEGATIVE IMPACT
Nexstar Media Group's Q2 FY24 earnings fell short of expectations, leading to a 3.30% drop in its stock price. The company reported a 2.3% Y/Y increase in net revenue to $1.269 billion, missing the consensus of $1.297 billion. EPS was $3.54, below the consensus of $4.01.
The earnings report showed that Nexstar's revenue and EPS fell short of market expectations, which typically leads to a negative short-term impact on the stock price. The 3.30% drop in stock price reflects investor disappointment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
WBI BullBear Value 3000 ETF (WBIF) provides exposure to Nexstar Media Group, which reported Q2 FY24 earnings that missed expectations. This could lead to a short-term negative impact on the ETF's performance.
Since WBIF holds Nexstar Media Group, the negative earnings report from Nexstar could lead to a short-term decline in the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
WBI BullBear Quality 3000 ETF (WBIL) provides exposure to Nexstar Media Group, which reported Q2 FY24 earnings that missed expectations. This could lead to a short-term negative impact on the ETF's performance.
Since WBIL holds Nexstar Media Group, the negative earnings report from Nexstar could lead to a short-term decline in the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50