Signage at the Warner Bros Discovery offices in New York, United States, on Saturday, February 17, 2024.
Yuki Iwamura | Bloomberg | beautiful images
Warner Bros. Discovery reported first-quarter results on Thursday that missed analysts’ expectations on both the top line and the bottom line.
This is the way Warner Bros. Discovery performedcompared to estimates from analysts surveyed by LSEG:
- Loss per share: Expected loss of 40 cents versus 24 cents
- Revenue: $9.96 billion vs. $10.231 billion expected
Also on Thursday, the company announced a $1.75 billion cash tender offer to reduce total debt by $43.2 billion.
Besides paying off debt, Warner Bros. Discovery is also working to make its streaming business profitable.
The company announced on Wednesday that it would bundles its streaming services with those Disney — linking Max, Disney+ and Hulu — and offering consumers this summer, a return to the traditional pay-TV bundle. Pricing has not yet been revealed but will be discounted, CNBC reported.
Warner Bros. Discovery on Thursday said it added 2 million direct-to-consumer streaming subscribers during the quarter, bringing the total to 99.6 million.
That segment earned an adjusted $86 million in the quarter, up $36 million from the prior-year quarter, the company said.
This story is developing. Please check back for updates.
