Warner Bros Discovery says effects of strikes, lousy ad market to bleed into 2024

Box office smash “Barbie” helped Warner Bros Discovery top core quarterly profit estimates but the effects of two Hollywood strikes and a weak advertising market could hamper earnings into next year, company executives said on Wednesday.

Chief Executive David Zaslav said the company saw its lightest original content slate in years and had to delay some releases, leading to a drop in third-quarter streaming subscriber numbers. The media company, forged by the union of WarnerMedia and Discovery, posted third-quarter adjusted core earnings of $2.97-billion, above estimates of $2.92-billion, according to LSEG data. Overall revenue of $9.98-billion was in line with estimates.

“The market is not thrilled with the fact that even with the unparalleled blockbuster success of Barbie, they still found a way to lose $417-million in the quarter. Not ideal,” Great Hill Capital Chairman Thomas Hayes said.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Warner Bros. Discovery stock plunges as weak ad market clouds 2024 outlookWarner Bros. Discovery like other media companies is dealing with a sluggish ad market. It's not clear there's an end in sight.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Warner Bros. Discovery stock tumbles on earnings missWarner Bros. Discovery (WBD) shares are diving Wednesday morning after reporting third-quarter earnings losses as the media company transitions through...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Warner Bros Discovery meets quarterly revenue estimates amid strike, sluggish ad marketAlthough Hollywood's film and television writers ratified a new, three-year contract in September, ending their 148-day work stoppage, members of the SAG...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Warner Bros Discovery meets quarterly revenue estimates amid strike, sluggish ad marketExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »