Warner Bros. Discovery's second-quarter revenue fell 11% year-on-year to 8.717 billion dollars, missing the analyst estimate of 9.29 billion dollars compiled by LSEG. Advertising revenue dropped 22%, weighed down by the absence of NBA broadcasts, a decline in domestic traditional TV viewers, pressure on advertiser spending from rising energy prices, and a lower audience share during the FIFA World Cup. By segment, the studio division slumped 39% and the networks division fell 17%, while the streaming division grew revenue by 10%, helped by the international rollout of HBO Max and original content. Net earnings per share came in at a profit of 6 cents, beating expectations of a 13-cent loss. CEO David Zaslav expressed confidence in completing the merger with Paramount Skydance.
Warner Bros Discovery IncRevenue miss and advertising decline, though EPS beat.
Paramount Skydance Corporation Class B Common Stock