Warner Bros Discovery stumbled in the third quarter, falling short of Wall Street expectations due to a slowdown in advertising and merger-related restructuring charges.
Total revenue came in at $9.823 million and net losses totaled $2.8 billion, including $1.9 billion of pre-tax amortization from acquisition-related intangible assets and $1.5 billion in restructuring charges.
The company reported 94.9 million direct-to-consumer subscribers, across HBO and the Discovery+ and HBO Max streaming services.
Analysts’ consensus estimates called for revenue of $10.36 billion and a net loss per share of 21 cents. “While we have lots more work to do, and there are some difficult decisions still to be made, we have total conviction in the opportunity ahead,” CEO David Zaslav said.
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