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Warner Bros Discovery Reporting Underwhelming Revenue, New Streaming Service Arriving Earlier

Warner Bros. Discovery officially reported its third-quarter earnings this week which missed analyst expectations as the company dealt with the negative effects of a tough advertising environment and the costs associated with their restructuring, post-merger.

Warner Bros. Discovery is the result of a merger between AT&T’s WarnerMedia and Discovery.

Additionally, CEO David Zaslav stated that HBO Max and Discovery+ streaming services will be arriving in the spring, which is earlier than what they previously announced, which was scheduled for the summer.

  • Revenue: $9.82 billion vs. $10.36 billion expected
  • WB reported a loss per share of 95 cents, citing macroeconomic headwinds, particularly in advertising.
  • WB shares fell more than 5% after hours Thursday, after declining 5.6% to $11.97 during the regular trading session.

“While we have lots more work to do, and there are some difficult decisions still to be made, we have total conviction in the opportunity ahead,” Zaslav said in an official statement issued on Thursday.

“In fact, we see this a a meaningful opportunity, one we seized wholeheartedly to look inside each of our businesses and see what’s working, what’s not working, is it structured properly, and does it have the right resources.”

“I believe that the grand experiment of chasing subscribers at any cost is over,” Zaslav said during an earning call (h/t CNBC).

Additionally, the company said it added 2.8 million direct-to-consumer streaming customers in the third quarter, bringing its total to 94.9 million global subscribers, and that revenue for its TV networks segment declined 8% to $5.2 billion.

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