Signage at a Warner Bros Discovery office in New York, US, on Saturday, February 17, 2024.
Yuki Iwamura | Bloomberg | Getty Images
Warner Bros. Discovery reported first-quarter results on Thursday, missing analyst expectations on both the top and bottom lines.
Here's how Warner Bros. Discovery performed, compared to estimates from analysts surveyed by LSEG:
- Loss per share: 40 cents versus 24 cents expected loss
- Gain: $9.96 billion versus $10.231 billion expected
Also on Thursday, the company announced a $1.75 billion cash offering aimed at reducing its $43.2 billion gross debt load.
In addition to paying off its debts, Warner Bros. Discovery worked to make its streaming segment profitable.
The company announced on Wednesday that it will bundle its streaming services with those of Disney – linking Max, Disney+ and Hulu – and will be offered to consumers this summer, a return to the traditional pay-TV package. Prices have not yet been announced, but will be offered at a discount, DailyExpertNews reported.
Warner Bros. Discovery said Thursday that it added 2 million direct-to-consumer streaming subscribers during the quarter, bringing the total to 99.6 million.
That segment earned an adjusted $86 million during the quarter, an improvement of $36 million from the prior year quarter, the company said.
This story is developing. Check back later for updates.