Warner Bros. Discovery reports earnings after the bell.
The media company booked a $9.1 billion non-cash goodwill impairment charge on its TV networks business.Follow your favorite stocksJB Perrette, CEO and president of global streaming and games for Warner Bros. Discovery, speaks onstage during the Warner Bros. Discovery Upfront 2023 at The Theater at Madison Square Garden in New York City, May 17, 2023.'s stock dropped on Wednesday after it reported a $9.1 billion write down on its TV networks and missed analyst estimates on revenue.$4.07.
Revenue for Warner Bros. Discovery's TV networks — a portfolio that includes TBS, TNT, Discovery and TLC — was down 8% to $5.272 billion during the second quarter, with both distribution and advertising revenue down in the segment.The company said Wednesday it added 3.6 million subscribers during the quarter ended June 30, bringing its total global streaming customers to 103.3 million. This occurred as Max was launched in new international markets.
Still, direct-to-consumer streaming revenue decreased 5% to $2.568 billion, driven by content revenue dropping 70% due to a lower volume of third-party licensing deals. Yet advertising revenue for streaming was up 99%, the company said, driven by higher domestic engagement on Max, and ad-supported subscriber growth. Global revenue also increased 4% driven by the ad-tier.
Total revenue for the quarter was down 6% to $9.7 billion. Total adjusted earnings before interest, taxes, depreciation and amortization decreased 15% to $1.8 billion.Correction: This article has been updated to reflect that Warner Bros. Discovery's revenue was $9.7 billion for the quarter.
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