By Warner Bros. Discovery, the media conglomerate behind cable networks like TNT and CNN, as well as film studios and the Max streaming platform, experienced a decline in revenue during the fourth quarter.
Financial Overview
- The company reported a fourth-quarter loss of $400 million, or 16 cents per share, compared to a loss of $2.1 billion, or 86 cents per share, in the same period the previous year.
- Revenue saw a decrease of 7% to $10.28 billion, falling short of analysts’ expectations of $10.34 billion.
Business Performance
- Revenue in the studios business dropped 17%, while sales in the networks segment declined by 9%.
- The direct-to-consumer segment, encompassing the company’s streaming platforms, saw revenue growth of 3% to $2.53 billion.
Financial Strength
- Free cash flow surged by 33% to $3.31 billion in the quarter, surpassing analysts’ expectations of $2.5 billion.
Warner Bros. Discovery faces challenges amidst changing consumer trends, but remains focused on delivering quality content and enhancing its streaming services.
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