Box office smash 'Barbie' helped Warner Bros Discovery top quarterly profit estimates, but the effect of two Hollywood strikes and a weak advertising market could continue to hamper the company's earnings into next year, the company said Wednesday.
Box office smash "Barbie" helped Warner Bros Discovery top quarterly profit estimates, but the effect of two Hollywood strikes and a weak advertising market could continue to hamper the company's earnings into next year, the company said Wednesday.
"It is becoming increasingly clear now that much like 2023, 2024 will have its share of complexity, particularly as it relates to the possibility of continued sluggish advertising trends," he said on the call. "We don’t see when this is going to turn." The media company, forged by the union of WarnerMedia and Discovery, posted adjusted core earnings of $2.97 billion, above estimates of $2.92 billion, according to LSEG data. Overall third-quarter revenue of $9.98 billion was in line with estimates.
The results put the company "on track to meaningfully exceed $5 billion for the year and contributing to our nearly $12 billion in debt paydown to date," CEO David Zaslav said.
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