Warner Bros Discovery quarterly revenue misses estimate, reports $3.4bn in net losses



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Warner Bros Discovery quarterly revenue misses estimate, reports $3.4bn in net losses

Warner Bros Discovery Inc., the American multinational mass media and entertainment conglomerate that was formed following a spin-off of WarnerMedia alongside its merger with Discovery earlier this year, had reported a whopping $3.4 billion in net losses over fiscal second quarter of the year, while the entertainment industry behemoth also had posted a decline in revenues, remarking that the merger might take more time to reshape.

Aside from that, the newly formed entity had reported had logged a 92.1 million streaming subscriptions over Q2, 2022 that ended on June 30. On top of that, according to Warner Bros Discovery Inc., the company’s net loss involved a $2 billion in amortization of intangible assets alongside a $1 billion in restructuring costs and a $983 million in additional expenses related to transaction and integration.

Besides, a press agency report was quoted saying followed by the reveal of Warner Bros Discovery Inc earnings that the entity might be mulling a new streaming strategy, while at least four sources familiar with the issue had confirmed the news on condition of anonymity given the scale of sensitivity of the issue.

Customer growth rate of Warner Bros Discovery Inc over second quarter of the year came in at 37 per cent in the United States, while several analysts said that the rate would highly likely to step up in a near future.

Warner Bros Discovery Inc reports decline in revenues

Followed by the release of Warner Bros Discovery Inc second quarter earnings’ report, shares’ prices of the entertainment industry giant gobbled down as much as 8.30 per cent in losses in post-market trading after wrapping up the session 4.61 per cent higher at $17.48 a share.

Warner Bros Discovery Inc., which had reported a net revenue of $9.83 billion over fiscal Q2, 2022, was last trading at $16 per share in extended trading.