Blockbuster hit “Barbie” brought in a record $1.5 billion for Warner Bros. Discovery, but the company still reported a $417 million loss for the quarter that was bigger than Wall Street’s forecasts. Warner Bros. Discovery, the owner of CNN, needed the revenue boost from “Barbie” to achieve a narrow 2% increase in sales.
The company’s revenue came in at just under $2 billion for the quarter. The company’s net loss marked an improvement from the $2.3 billion loss it reported in the same quarter a year earlier. But its loss per share of 17 cents was larger than the forecast of a 6-cent-a-share loss expected by analysts surveyed by Refinitiv. This is a developing story. It will be updated.