Shares Warner Bros. Discovery Inc. fell in after-hours trading after the media giant reported fourth-quarter results that came in below expectations.
Shares of Warner Bros. Discovery Inc. fell in after-hours trading on Thursday after the media giant reported fourth-quarter results and a subscriber count that came in below expectations.
The company — the result of a merger last year between AT&T’s WarnerMedia and Discovery — reported a fourth-quarter net loss of $2.08 billion, or 86 cents a share, after a profit of $38 million, or 8 cents a share, in the same quarter in 2021. However, Warner Bros. Discovery has faced more cautious advertisers, ongoing cord-cutting, competition within streaming and a mess created from the merger deal itself. In an effort to shore up the bottom line, the company has cut jobs and content — including CNN+ and a “Batgirl” film set for HBO Max.
“More importantly, we believe 4Q is an opportunity for management to turn the page to 2023 and reset the narrative,” BofA analysts said in a note last month.
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