Warner Bros. Discovery Q3 Earnings: Olympics and Blockbusters Drive Gains, CEO Highlights Subscriber Surge and New Partnerships

Warner Bros. Discovery, Inc (NASDAQ: WBD) reported a fiscal third-quarter revenue decline of 3% ex-FX year-on-year to $9.623 billion, missing the analyst consensus estimate of $9.799 billion. 

EPS of 5 cents beat the analyst consensus estimate loss of 9 cents. Net income was $135 million versus a loss of 417 million year-over-year. The stock gained after the print.

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The company reported an adjusted EBITDA of $2.41 billion, an 18% ex-FX decline.

Studios revenues were $2.68 billion, down 17% ex-FX Y/Y on a pro forma combined basis. Content revenue decreased by 18% due to the decline in theatrical and game revenue. 

Theatrical revenue decreased 40% ex-FX as the performance of Beetlejuice Beetlejuice and Twisters in the current year was more than offset by the more robust performance of Barbie in the prior year.

Games revenue ...

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