- The stock price of Warner Bros. Discovery (WBD) fell over 16% during intraday trading today. This is why.
The stock price of Warner Bros. Discovery (WBD) fell over 16% during intraday trading today. Investors are responding to the company’s second-quarter results.
Warner Bros. Discovery had reported a Q2 EPS of ($1.50), which was $1.62 lower than analyst estimates of $0.12. And the revenue for the quarter was $9.83 billion compared to the consensus estimate of $11.87 billion. The company reported a $3.32 billion loss for the second quarter, which was largely associated with obstacles linked to the recent merger. This was Warner Bros. Discovery’s first quarterly report since the $43 billion merger.
Warner Bros. Discovery ended the second quarter with 92.1 million subscribers across streaming platforms, which was up about 1.7 million from the first quarter. And the company expects to see about 130 million global streaming subscribers by 2025. The company is currently considering a free and ad-supported streaming plan.
HBO Max is going to be combined with Discovery+ into one platform, which will launch next summer. In the meantime, the two platforms will share content including content from Chip and Joanna Gaines’ Magnolia Network. CNN will also have a hub on Discovery+, which will include original programs like “Stanley Tucci: Searching for Italy” and “Anthony Bourdain: Parts Unknown.”