Warner Bros Discovery posted a quarterly loss on Thursday that missed Wall Street targets due to restructuring of the combined media company, but investor concerns were tempered by news that HBO's fantasy series 'House of the Dragon' became the most-watched series premiere in the network's history.
The Warner Bros logo is seen during the Cannes Lions International Festival of Creativity in Cannes, France, June 22, 2022. REUTERS/Eric Gaillardposted a quarterly loss on Thursday that missed Wall Street targets due to restructuring of the combined media company, but investor concerns were tempered by news that HBO's fantasy series "House of the Dragon" became the most-watched series premiere in the network's history.
Recession-wary brands have taken the axe to marketing budgets as consumer spending on discretionary products and services dips.The newly combined company has been cutting projects it considered weak and reorienting its business, including a re-embrace of sending movies to theaters, but costs have been high.
Warner Bros. Pictures, film subsidiary of Warner Bros. Discovery, is planning to cut a number of jobs in distribution and marketing which will reduce the headcount by 5% to 10%, Bloomberg News"We're spending more money this year than we've ever spent historically," Warner Bros Chief Executive David Zaslav told a conference call.
Warner Bros posted a third-quarter loss of $2.3 billion, or 95 cents a share, which includes $1.5 billion in pre-tax restructuring charges. That's more than the 21 cents a share loss that analysts had anticipated, according to Refinitiv data. Quarterly revenue fell to $9.82 billion, lagging Wall Street targets, hurt by cuts in advertising budgets at businesses struggling to cope with decades-high inflation.
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