Aug. 7 at 2:24 AM
Warner Bros. Discovery reported weaker-than-expected quarterly results as the loss of NBA broadcasting rights and a softer film slate weighed on performance. Revenue fell 11% to
$8.7 billion, missing Wall Street estimates of
$9.2 billion, while adjusted EBITDA declined 4% to
$1.88 billion, roughly in line with expectations.
The company's traditional TV business remained under pressure, with revenue falling 17% to just under
$4 billion and advertising revenue plunging 27% due to the absence of NBA games and weaker audience trends. In the studio segment, revenue dropped 39% to
$2.3 billion, while operating profit tumbled 89% to
$96 million, reflecting lower TV content sales and a weaker movie lineup compared with last year's blockbuster releases.
Streaming continued to be the bright spot. Revenue from HBO Max and related services rose 10% to
$3.08 billion, while EBITDA surged 75% to
$512 million, partially offsetting declines in the legacy television and studio businesses.
$WBD