Warner Bros. Discovery Posts Narrower Loss In Q1; Revenues Down 7% Ex-FX

(RTTNews) - Warner Bros. Discovery, Inc. posted a first quarter net loss available to Warner Bros. Discovery of $966 million compared to a loss of $1.07 billion, prior year. Loss per share was $0.40 compared to a loss of $0.44. The company noted that its net loss included $1.88 billion of pre-tax acquisition related amortization of intangibles, content fair value step-up, and restructuring expenses. On average, 13 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.24, for the quarter. Analysts' estimates typically exclude special items.

Total adjusted EBITDA was $2.10 billion, a 20% ex-FX decrease compared to the prior year quarter, primarily driven by the success of Hogwarts Legacy in the prior year quarter while Suicide Squad: Kill the Justice League generated significantly lower revenues in the current year quarter.

Total revenues were $9.96 billion compared to $10.70 billion, previous year. Analysts on average had estimated $10.23 billion in revenue. Studios revenues decreased 13% ex-FX to $2.82 billion compared to the prior year quarter. Networks revenues decreased 8% ex-FX to $5.13 billion.

Shares of Warner Bros. Discovery are down nearly 6% at $7.34 in pre-market trade on Thursday.

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