Core Viewpoint - Fox Corp. is set to launch its direct-to-consumer streaming service, Fox One, on August 21, priced at $19.99 per month, with free access for pay TV subscribers [1][2]. Group 1: Streaming Service Details - Fox One will feature the entire Fox TV portfolio, including live sports like NFL and MLB, as well as news programming from Fox News and Fox Business [2]. - The service will not provide exclusive or original content, with most costs attributed to overhead, marketing, and technology [3]. - The company aims for modest subscriber expectations for Fox One [3]. Group 2: Market Position and Strategy - Fox has been slower than competitors in entering the streaming market, having previously launched Fox Nation and Tubi but lacking a full direct-to-consumer offering [4]. - The company intends to bundle Fox One with other streaming services while being cautious not to disrupt the pay TV ecosystem further [5][6]. - Fox's content portfolio primarily consists of sports and news, which has helped mitigate the impact of cord-cutting trends affecting other media companies [5]. Group 3: Financial Performance - Fox reported total revenue of $3.29 billion for the most recent quarter, reflecting a 6% increase year-over-year [8]. - Despite a weak advertising market for non-live sports content, Fox's advertising revenue rose by 7%, driven by growth from Tubi and stronger news ratings [9][10].

Core Points - Fox Corporation is launching a new streaming service called FOX One on August 21, 2025, priced at $19.99 per month or $199.99 annually [1] - FOX One will consolidate all of FOX's leading News, Sports, and Entertainment content into one platform, providing live streaming and on-demand access to various FOX brands [2][5] - The service aims to cater to cord-cutters and cord-nevers, offering a value proposition that combines multiple FOX channels and advanced AI-powered personalization technologies [3][5] Company Overview - Fox Corporation produces and distributes news, sports, and entertainment content through iconic brands such as FOX News Media, FOX Sports, and FOX Entertainment, which hold cultural significance and commercial importance [6] - The company leverages technological innovations from Tubi Media Group to enhance user experience and deliver content directly to audiences [5][6]

Core Insights - Amazon is restructuring its Wondery podcast studio due to a shift in podcast consumption towards video and personality-driven content [1][2] - Approximately 110 employees, including Wondery's CEO Jen Sargent, are being laid off as part of this reorganization [1][11] - The podcasting landscape has evolved, with a notable increase in video-forward, creator-led content, necessitating distinct strategies for audience engagement and monetization [5][6] Organizational Changes - Wondery's narrative podcast team will be integrated into Amazon's audiobook division, Audible, focusing on audio-led storytelling [3][8] - The creator-led content team from Wondery will join the Talent Services team, forming a new organization called Creator Services [9] - A new team will be established to enhance advertising and sponsorship opportunities across Wondery and Amazon Music, led by Angie More [10] Performance and Future Direction - Wondery has produced award-winning podcasts and has seen podcast revenue grow by more than 4 times since joining Amazon [4][11] - The restructuring aims to better support creators in monetizing their content and simplify the advertising process [4][6] - The changes are expected to enhance the overall experience for creators, customers, and advertisers, aligning with strategic opportunities in the evolving podcast market [6][12]

Core Viewpoint - Paramount Global is effectively transitioning from traditional TV to digital platforms, leveraging its content library to enhance direct-to-consumer offerings and drive revenue growth [1]. Financial Performance - Paramount Global reported quarterly earnings of $0.46 per share, exceeding the analyst consensus estimate of $0.35 by 29% [1]. - Quarterly sales reached $6.849 billion, a 1% year-over-year increase, surpassing the analyst consensus estimate of $6.841 billion [1]. Direct-to-Consumer Segment - Direct-to-consumer (DTC) revenue rose to $2.2 billion, reflecting a 14.9% year-over-year increase, driven by growth in Paramount+ subscribers and recent price increases [2]. - Adjusted OIBDA for the DTC segment reached $157 million, above both analyst and market estimates [2]. - Paramount+ experienced record-low churn and a third consecutive quarter of rising watch time per user, which increased by 11% year-over-year [3]. Advertising Revenue - DTC advertising revenue fell by 4% due to increased digital ad supply impacting pricing [3]. - Traditional TV advertising also declined, with rising rates being offset by a decrease in viewership [3]. - Strength in upfront ad sales was noted, with volumes consistent with the previous year and sports bookings increasing by double digits [4]. Future Projections - The price target for Paramount shares is set at $14, based on a 6.8 times OIBDA multiple, reflecting the company's strong content portfolio and shift towards streaming [5]. - Projected third-quarter revenue is $6.77 billion, with an expected EPS of $0.43 [5].

Core Viewpoint - Roku Inc's shares declined despite reporting strong second-quarter results, with analysts providing positive outlooks and raising price targets for the stock [1] Financial Performance - Roku reported revenues of $1.111 billion, a 15% year-on-year increase, exceeding guidance of $1.070 billion, driven by an 18% growth in Platform revenues and a lower-than-expected contraction in Device revenues [2] - The company raised its 2025 revenue outlook by $100 million to $4.650 billion, reflecting a 13% year-on-year growth, with improved Platform growth outlook from 12% to 16% [3] - Adjusted EBITDA guidance for 2025 was raised by $25 million to $375 million [3] Analyst Ratings and Price Targets - JPMorgan's analyst raised the price target from $100 to $105 while maintaining an Overweight rating [2] - Wedbush's analyst lifted the price target from $100 to $110, emphasizing Roku's focus on profitable expansion [4] - Guggenheim Securities reiterated a Buy rating and raised the price target from $100 to $105 [6] - KeyBanc Capital Markets raised the price target from $115 to $116 while reaffirming an Overweight rating [8] - Needham maintained a Buy rating and increased the price target from $100 to $110 [10] - Rosenblatt Securities maintained a Neutral rating with a price target of $101 [12] Growth Drivers and Market Position - Analysts noted that Roku is likely to continue gaining market share as advertising budgets shift from linear TV to connected TV, particularly in 2025 [5] - The company is expected to benefit from the Frndly TV acquisition, which has clarified its path to profitability [9] - Roku's platform revenues are projected to grow by 16% in the third quarter, higher than the consensus of 12% [7] - The company is ramping efforts targeting small to mid-sized businesses through a self-serve Ads Manager, presenting a unique opportunity in the SMB sector [13]

Group 1 - Momentum investing contrasts with the traditional "buy low and sell high" strategy, focusing instead on "buying high and selling higher" to capitalize on fast-moving stocks [1] - Identifying the right entry point for trending stocks can be challenging, as they may lose momentum if future growth does not justify their high valuations [1] - A safer investment approach involves targeting bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score [2] Group 2 - fuboTV Inc. (FUBO) is highlighted as a strong candidate for investment, showing a four-week price change of 7.9% [3] - FUBO has gained 47.4% over the past 12 weeks, indicating its ability to deliver positive returns over a longer timeframe [4] - The stock has a beta of 2.28, suggesting it moves 128% higher than the market in either direction, reflecting fast-paced momentum [4] Group 3 - FUBO has a Momentum Score of A, indicating a favorable time to invest based on its momentum characteristics [5] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [6] - FUBO is trading at a Price-to-Sales ratio of 0.83, suggesting it is undervalued at 83 cents for each dollar of sales [6] Group 4 - FUBO appears to have significant growth potential and is part of a broader list of stocks that meet the 'Fast-Paced Momentum at a Bargain' criteria [7] - There are over 45 Zacks Premium Screens available for investors to identify winning stock picks based on their investment style [8]

Financial Data and Key Metrics Changes - In Q2 2025, Roku's platform revenue grew by 18% year over year, indicating strong execution of their growth strategy [10][11] - The company expects a full-year EBITDA margin improvement of 180 basis points compared to 2024, with further margin improvement anticipated in 2026 [14][15] - Roku is on track to achieve operating income positivity in Q4 2025, which is earlier than previously indicated [15] Business Line Data and Key Metrics Changes - Video advertising on Roku's platform outpaced the growth of the OTT and digital ad markets in the US, reflecting successful ad demand expansion [11] - Roku built subscriptions are performing well, contributing positively to overall revenue growth [12] Market Data and Key Metrics Changes - The company reported a strong performance in the advertising sector, with the launch of Roku Ads Manager opening new markets for performance-based advertisers [20][21] - The upfront advertising market was positive, indicating a healthy demand for television advertising [27] Company Strategy and Development Direction - Roku's strategy focuses on diversifying ad demand and enhancing platform revenue, which has shown promising results over the past 18 months [10][12] - The integration of Friendly into Roku's platform is expected to drive further growth in subscriptions and enhance user engagement [12][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit platform revenue growth while improving profitability in 2026 and beyond [14][15] - The macroeconomic environment is viewed positively, with expectations of continued growth in broadband household penetration and platform revenue [85][87] Other Important Information - Roku's Ads Manager is seen as a significant opportunity for small and medium-sized businesses, tapping into a previously underutilized market [108][110] - The Roku Channel (TRC) experienced an 80% growth in streaming hours in Q2, although future growth rates are expected to moderate [75] Q&A Session Summary Question: What drove the outperformance in Q2 and the full-year raise? - Management attributed the outperformance to the successful execution of their platform revenue growth strategy, which has been in place for 18 months [10][11] Question: Can you discuss the trajectory for 2026? - Management is optimistic about sustaining double-digit growth and improving profitability, with expectations of operating income positivity in Q4 2025 [14][15] Question: How is the advertising sector performing? - Both Roku Ads Manager and third-party partnerships are performing well, with Ads Manager opening new markets for performance-based advertisers [20][21] Question: What is the outlook for platform growth excluding certain factors? - Excluding political and Friendly contributions, platform growth is expected to remain steady at around 17% for Q2 and Q3 [36] Question: Can you elaborate on the gross margin outlook? - The gross margin is expected to remain in the range of 51% to 52%, with potential upside if higher-margin activities pick up [37][38] Question: How is Roku managing ad inventory to maintain pricing? - Roku's scale and unique ad placements allow for efficient pricing of inventory, with a strategy focused on diversifying demand [91][92] Question: What are the early learnings from Friendly TV? - Friendly has contributed positively to growth, with ongoing integration efforts aimed at increasing subscriptions [81][82] Question: How does Roku plan to drive subscription growth? - The company is focusing on recommendations and bundling strategies to enhance subscription revenue [97][98]

Financial Data and Key Metrics Changes - In Q2 2025, Roku achieved an 18% year-over-year growth in platform revenue, indicating the effectiveness of its revenue growth strategy implemented 18 months prior [8][12] - The company expects a full-year EBITDA margin improvement of 180 basis points compared to 2024, with further margin improvements anticipated in 2026 [12][13] - Roku is on track to achieve operating income positivity in Q4 2025, which is earlier than previously indicated [13][14] Business Line Data and Key Metrics Changes - Video advertising on Roku's platform outpaced the growth of the OTT and digital ad markets in the US, reflecting successful ad demand diversification efforts [8] - Roku built subscriptions, particularly premium subscriptions, continue to perform well, contributing positively to overall revenue [9] Market Data and Key Metrics Changes - The advertising market remains robust, with positive trends observed during the upfront advertising season, indicating a healthy demand for connected TV advertising [25][26] - The Roku Channel (TRC) saw an 80% growth in streaming hours in Q2, although this growth rate is expected to moderate in future quarters [73] Company Strategy and Development Direction - Roku's strategy focuses on growing platform revenue through deeper integrations with third-party partners and launching new products like Roku Ads Manager [7][9] - The company is committed to operational efficiency while balancing investments in platform growth and margin expansion [12][13] - Roku aims to leverage its first-party data and proprietary content to enhance monetization and drive subscription growth [51][94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit platform revenue growth while improving profitability in 2026 and beyond [11][12] - The integration of new partnerships, such as with Amazon DSP, is expected to enhance demand and optimize pricing, although the ramp-up period for these integrations is acknowledged [116] Other Important Information - Roku has initiated a $400 million share repurchase program to offset dilution and enhance shareholder returns [42][44] - The company is actively working on bundling opportunities with its newly acquired Friendly TV to enhance its subscription offerings [94] Q&A Session Summary Question: What drove the outperformance in Q2 and the full-year raise? - Management highlighted the success of their platform revenue growth strategy and the positive results from monetization initiatives [7][11] Question: Can you discuss the trajectory for 2026? - Management indicated confidence in achieving operating income positivity in Q4 2025 and sustaining growth in 2026 [12][13] Question: How is the advertising business performing? - Both Roku Ads Manager and third-party partnerships are performing well, with a focus on diversifying demand [20][24] Question: What is the outlook for platform growth excluding certain factors? - Management provided growth rates of around 17% for Q2 and Q3 when excluding political and Friendly contributions [30][34] Question: Can you elaborate on the gross margin outlook? - The company expects gross margins to remain in the 51% to 52% range, with potential upside if higher-margin activities pick up [35][36] Question: How is Roku managing ad inventory to maintain pricing? - Roku's scale and unique ad placements allow it to price inventory efficiently, maintaining value despite market fluctuations [87][89] Question: What are the early learnings from Friendly TV? - Friendly TV contributed 1.8 points of growth in Q2, with ongoing integration efforts to enhance visibility and subscriptions [78][79] Question: How does Roku plan to drive subscriptions? - The company is focusing on content recommendations and bundling strategies to enhance subscription growth [93][94]

Core Insights - Apple's third-quarter fiscal 2025 results are anticipated to show the positive impact of Apple Intelligence on iPhone and non-iPhone devices, including Mac and iPad [1][10] - The Services segment is expected to benefit from a growing installed base of devices and a rising subscriber base, with over 1 billion paid subscribers reported [2][4] Services Business - The Services business is projected to achieve $26.96 billion in revenue for the third quarter, indicating an 11.3% year-over-year growth [7] - The growth in Services is supported by popular offerings such as Apple TV+, Apple Music, and Apple Pay, which have attracted a significant number of subscribers [4] Mac Sales - Mac sales are expected to grow by 2.2% year-over-year, with net sales estimated at $7.16 billion, driven by strong shipment growth and increased market share [10][11] - Apple's market share in the PC segment rose to 9.1%, with a shipment increase of 21.4% year-over-year [8][9] iPad Sales - iPad sales are projected to decline, with an estimated revenue of $6.78 billion for the third quarter, reflecting a 5.3% year-over-year decrease [12] - Despite strong demand for iPad Pro and new iPad Air models, sluggish demand is expected to impact overall iPad revenues [12]

Group 1 - Fubo has accelerated the timeline for closing its sale to Disney, now expecting the transaction to close in Q4 2025 or Q1 2026, pending regulatory approval and shareholder consent [1] - The previous expectation for the deal's closure was in the first half of 2026 [1] - Disney agreed to combine its Hulu + Live TV with Fubo, becoming the majority owner of the combined entity amidst a legal dispute over a proposed sports streaming joint venture [2][3] Group 2 - Post-closing, Fubo and Hulu + Live TV will remain separate offerings, with Hulu + Live TV available in the Hulu app and as part of a bundle with Hulu, Disney+, and ESPN+ [4] - Fubo will continue to operate through its own app and has the right to launch a new Sports & Broadcast service featuring Disney's networks [4] - The new Fubo will be managed by the current team led by CEO David Gandler, with Disney owning 70% of the company [5]