Warner Bros. Discovery Q1 earnings miss expectations: revenue falls 7%, but streaming grows strong

The company generated a revenue of $9.958 billion, contradictory to experts’ expectations of $10.27 billion.
Warner Bros. Discovery, Inc. saw an adjusted loss of 4966 million or $0.40 per share.
The total Adjusted EBITDA was $2,102 million for this quarter.

Warner Bros. Discovery, Inc., the U.S.-based multinational mass media and entertainment conglomerate announced its earnings today for the first quarter of FY24.

The company generated a revenue of $9.958 billion, contradictory to experts’ expectations of $10.27 billion, with a 7% decrease as compared with the $10.70 billion earned in the first quarter of the previous year.

Warner Bros. Discovery, Inc. saw an adjusted loss of 4966 million or $0.40 per share. The shares of the company fell by 3%.

In the first quarter, network advertising revenue saw an 11% downfall and the reported network ad revenue was of $1.99 billion.

The total Adjusted EBITDA was $2,102 million for this quarter.

Cash provided by operating activities increased to $585 million. Free cash flow increased to $390 million, with a $1.3 billion improvement compared to Q4 of FY23.