Warner Bros. Discovery reported third quarter earnings before the bell Wednesday.
The company posted a decline in ad revenue.shares fell Wednesday after the company reported a decline in advertising revenue, a bigger-than-expected loss and lackluster streaming subscriber numbers.Warner Bros. Discovery reported a net loss of $417 million for the third quarter, or 17 cents per share, down from the $2.31 billion loss the company reported in the year-ago quarter, or 95 cents per share.
Warner Bros. Discovery warned of a number of obstacles heading into 2024, including sluggish ad revenue and ongoing impacts from the actors' strike.GM recalls Cruise driverless cars for software update after pedestrian dragged in Calif. "This is a generational disruption we're going through. Going through that with a streaming service that's losing billions of dollars is a is really, really difficult to go on offense," CEO David Zaslav said during the earnings conference call."It's difficult to maneuver and with interest rates from where they are at the challenges in the marketplace advertising."
Ad revenue in the networks segment fell 12% compared to a year earlier, reflecting a decline in audiences for general entertainment and news programming, as well as soft ad trends in the U.S., the company said.The company reported 95.1 million global direct-to-consumer subscribers, a 700,000 decrease from the previous quarter, and less than the analyst projection of 95.4 million subscribers, according to StreetAccount.
The"modest sequential loss" was largely a result of an"extraordinarily light content slate," CFO Gunnar Wiedenfels said during the earnings call.Warner Bros. Discovery also made headway on paying off its debt load, with $2.4 billion of repayments made during the quarter, the company said. It still has $45.3 billion in gross debt.
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Warner Bros. Discovery stock slumps after wider-than-expected loss, while revenue topped projectionsTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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