Warner Bros. Discovery significantly reduced losses in the quarter – Kommersant
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American media conglomerate Warner Bros. Discovery introduced financial report for the second quarter of this year. A company established last year as part of deals by $43 billion, managed to reduce net loss for the quarter from $3.4 billion to $1.2 billion, or $0.51 per common share. This indicator turned out to be slightly worse than analysts’ forecasts, which, on average, expected a loss of $0.41 per share.
However, the result of the streaming service Max (combined last year by HBO Max and Discovery +) turned out to be completely unexpected for analysts, already on the positive side. Its loss for the quarter amounted to only $3 million, which is almost 100 times less than analysts predicted. Those, on average, estimated the loss of Warner Bros. Discovery from $285.6 million in streaming. At the same time, the number of Max subscribers decreased by 1.8 million people in the quarter.
The company’s revenue for the reporting period decreased by 4% year on year, to $ 10.4 billion, which is slightly worse than forecasts. At the same time, the revenue of the television business decreased immediately by 13% due to a drop in advertising revenue and a decrease in audience coverage.
Quotes of the company’s shares are reduced by 1.2%.
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