Warner Bros. Discovery Reports Mixed Q3 2024 Earnings, Streaming Segment Shows Strong Growth with 110.5M Subs, Stock Up 5%

Nov 7, 2024, 12:41 PM

Warner Bros. Discovery reported its Q3 2024 earnings, revealing mixed results. The company posted earnings per share of $0.05, surpassing the estimated loss of $0.11. Total revenue for the quarter was $9.62 billion, slightly below the expected $9.8 billion and down 3% year-over-year. Adjusted EBITDA came in at $2.41 billion, marking an 18% decline year-over-year. Net income available to Warner Bros. Discovery was $0.1 billion. The company's streaming segment showed significant growth, with a profit of $289 million and a subscriber base reaching 110.5 million, an increase of 7.2 million subscribers. However, the revenue from studios and linear TV faced pressure, with studio revenue down 17% year-over-year to $2.68 billion. The box office saw a 40% decline in a 'Barbie'-less summer. Despite these challenges, Warner Bros. Discovery's stock rose 5% pre-market following the earnings report, driven by the strong performance in its streaming segment.