From CNBC: 2024-05-09 07:57:16

Warner Bros. Discovery reported Q1 results, missing analyst expectations on both revenue and earnings. Stock fell 4% in premarket trading. Revenue fell 7% to $9.96 billion, with net loss of $966 million. Earnings before interest, taxes, depreciation, and amortization were down 20% to $2.1 billion. Streaming subscriptions increased to 99.6 million.

Warner Bros. Discovery to bundle streaming services with Disney, offering Max, Disney+, and Hulu. Partnership aims to boost profits amid declining traditional TV subscriptions. This marks the second joint venture between Warner Bros. Discovery and Disney this year. The company added 2 million streaming subscribers, reaching a total of 99.6 million.

Despite streaming growth, TV networks saw weak ad revenue and a decline in overall revenue. Studio segment revenue down 12% due to lackluster film releases. Company improved cash position, with free cash flow increasing to $390 million. Warner Bros. Discovery working to reduce $43.2 billion debt, repaid $1.1 billion in Q1 and announced further debt reduction.



Read more at CNBC: Warner Bros. Discovery (WBD) earnings Q1 2024