Signage at a Warner Bros Discovery office in New York, US, on Saturday, Feb. 17, 2024.
Yuki Iwamura | Bloomberg | Getty Images
Warner Bros. Discovery reported first-quarter results on Thursday, missing analyst expectations on both the top and bottom lines.
Here is how Warner Bros. Discovery performed, compared with estimates from analysts surveyed by LSEG:
- Loss per share: 40 cents vs. 24 cents loss expected
- Revenue: $9.96 billion vs. $10.231 billion expected
Also on Thursday the company announced a $1.75 billion cash tender offer aimed at reducing its gross debt load of $43.2 billion.
Besides paying down its debt, Warner Bros. Discovery has been working to make its streaming segment profitable.
The company announced on Wednesday it would bundle its streaming services with those of Disney — tying together Max, Disney+ and Hulu — and offer it to consumers this summer, a callback to the traditional pay-TV package. Pricing has yet to be disclosed, but it will be offered at a discount, CNBC reported.
Warner Bros. Discovery said Thursday it added 2 million direct-to-consumer streaming subscribers during the quarter, bringing its total to 99.6 million.
That segment earned an adjusted $86 million during the quarter, an improvement of $36 million from the prior-year quarter, the company said.
This story is developing. Please check back for updates.