Warner Bros. Discovery Posts Narrower Loss In Q1

(RTTNews) - Warner Bros. Discovery, Inc. posted a first quarter net loss to Warner Bros. of $453 million compared to a loss of $966 million, last year. Loss per share narrowed to $0.18 from a loss of $0.40. The company noted that the net loss included $1.6 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses. Analysts on average expected the company to report a loss per share of $0.13, for the quarter. Analysts' estimates typically exclude special items. Total adjusted EBITDA was $2.1 billion, a 4% ex-FX increase compared to the prior year quarter, primarily due to growth in the Streaming and Studios segments.

Total revenues declined to $8.98 billion from $9.96 billion, previous year. The company ended the quarter with 122.3 million streaming subscribers, an increase of 5.3 million subscribers from fourth quarter.

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