Warner Bros. Discovery Q3 2024 Results

Investing.com — Warner Bros. Discovery (NASDAQ:WBD) rose slightly in the Thursday premarket trade after the company posted mixed results for the third quarter of fiscal 2024.

Earnings Report

The mass media giant reported Q3 earnings per share (EPS) of $0.05, significantly better than the $0.11 loss per share expected by analysts.

Revenue for the quarter came in at $9.62 billion, slightly below the consensus estimate of $9.8 billion.

Advertising Revenue
– Advertising revenue stood at $1.68 billion, short of the expected $1.73 billion.
– Direct-to-consumer advertising revenue was $620 million.

Subscribers and Cash Flow
– Total subscribers reached 110.5 million, surpassing the forecast of 109.01 million.
– Free cash flow totaled $632 million, compared to the estimate of $668.6 million.

Adjusted EBITDA
– Adjusted EBITDA matched expectations at $2.41 billion.

Segment Revenue
– Studios revenue totaled $2.68 billion.
– Networks revenue reached $5.01 billion.

Management Comments

“Warner Bros. Discovery's Q3 results demonstrate once again that while we continue to confront extraordinary disruption in our environment, the strategy we have undertaken to ready Warner Bros. Discovery for future success is showing important results. Thanks to our rapid international expansion and continued investment in high quality, diverse content, we saw momentum accelerate in our global Direct-to-Consumer business in Q3,” said David Zaslav, President & CEO.