From CNBC:

Warner Bros. Discovery fell 10% as it missed analyst estimates for revenue and profit, despite generating $3.3 billion in free cash flow in Q4 and ending the year with $6.2 billion, up 86% from the previous year. CEO Zaslav has focused on boosting free cash flow and paying down debt, paying off $12.4 billion since the merger. The board tied Zaslav’s bonus to cash flow generation, but share performance suffered as investors remained unconvinced of the company’s growth narrative, especially with unclear guidance for 2024 and concerns over the sustainability of positive cash flow momentum. Despite Zaslav’s emphasis on free cash flow, investors may not value it as much as desired, preferring a focus on earnings, revenue, and subscriber additions over debt reduction and cash flow increment.



Read more: Warner Bros. Discovery hypes free cash flow. Investors don’t buy it