Warner Bros. Discovery (WBD) reported its earnings for February 23rd, 2024, revealing mixed results. CEO David Zaslav highlighted the company's strategic repositioning and outlined plans for growth, including the international rollout of Max streaming service and a robust creative pipeline across film and TV studios. Despite missing revenue and profit estimates, Max ended 2023 profitable, marking a win against competitors like Disney, NBCU, and Paramount Global. The company also plans a sports streaming service in collaboration with Disney and Fox, which can be bundled with Max. CFO Gunnar Wiedenfels acknowledged ongoing challenges and opportunities for improvement. The earnings call also touched on underperforming movie releases and industry-wide challenges in the superhero genre. Additionally, excitement was expressed for the upcoming Harry Potter television series, aiming for a 2026 debut. However, investor reactions were negative, with WBD's stock dropping 9% premarket, reflecting concerns over the company's financial guidance and profitability outlook.
Sources
Barbarian Capital
legacy media will trend towards zero over time, from fake news to agenda-driven movies and falsifications Warner Bros. Discovery’s stock tumbles as streaming losses improve but miss Wall Street’s mark $WBD https://t.co/559JJCy24J
Kevin O'Leary aka Mr. Wonderful These guys have sales, but unless you’re on the road to profitability it’s hard for me to get behind it as an investor. I only see one option—royalty! #SharkTank
- Kevin O'Leary aka Mr. Wonderful
These guys have sales, but unless you’re on the road to profitability it’s hard for me to get behind it as an investor. I smell one thing—royalty! #SharkTank
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