Warner Bros. Discovery delivers Q3 profit but revenue misses estimates

Investing.com -- Warner Bros. Discovery (NASDAQ:WBD) rose slightly in the Thursday premarket trade after the company posted mixed results for the third quarter of fiscal 2024.

The mass media giant reported Q3 earnings per share (EPS) of $0.05, significantly better than the $0.11 loss per share expected by analysts.

Revenue for the quarter came in at $9.62 billion, slightly below the consensus estimate of $9.8 billion.

Warner Bros’s advertising revenue stood at $1.68 billion, also short of the expected $1.73 billion.

Total (EPA:TTEF) subscribers came in at 110.5 million, surpassing the forecasted 109.01 million. Free cash flow totaled $632 million, compared to the estimate of $668.6 million.

Adjusted EBITDA matched expectations at $2.41 billion.

In specific segments, direct-to-consumer advertising revenue was $620 million, Studios revenue totaled $2.68 billion, and Networks revenue reached $5.01 billion.

“Warner Bros. Discovery's Q3 results demonstrate once again that while we continue to confront extraordinary disruption in our environment, the strategy we have undertaken to ready Warner Bros,” said David Zaslav, President&CEO.

“Discovery for future success is showing important results. Thanks to our rapid international expansion and continued investment in high quality, diverse content, we saw momentum accelerate in our global Direct-to-Consumer business in Q3.”