Warner Bros. Discovery stock sinks 15% as ad revenue falls, Zaslav warns of 'generational disruption'
Publishing timestamp: 2023-11-08 12:42:45
Summary
Warner Bros. Discovery reported a decline in ad revenue, wider-than-expected loss, and lackluster streaming subscriber numbers for the third quarter. The company's stock fell more than 16% after the announcement. The decline in ad revenue was attributed to a decline in audiences for general entertainment and news programming, as well as soft ad trends in the US. The company also warned of obstacles heading into 2024, including sluggish ad revenue and ongoing impacts from actors' strike. Despite launching its flagship streaming service, Warner Bros. Discovery reported a decrease in global direct-to-consumer subscribers. However, the streaming business did swing to a profit in the quarter, and the company made progress in paying off its debt.
Sentiment: NEGATIVE
Tickers: WBD, DIS, PARA, ROKU,
Keywords: business news, earnings, breaking news: earnings, entertainment, business, paramount global, breaking news: business, warner bros discovery inc, walt disney co, media, roku inc, internet,
Source: https://www.cnbc.com/2023/11/08/warner-bros-discovery-wbd-q3-earnings.html