In this photo illustration, the Warner Bros. Discovery logo is displayed on a smartphone screen.
Rafael Henrique | SOPA Images | Lightrocket | Getty Images
Warner Bros. Discovery reported its third-quarter earnings on Thursday, missing analyst expectations, as it felt the effects of a tough advertising environment and costs associated with its post-merger restructuring.
Here’s what the company reported compared with analysts’ expectations, according to Refinitiv:
- Revenue: $9.82 billion vs. $10.36 billion expected
The company reported a loss per share of 95 cents, citing macroeconomic headwinds, particularly in advertising.
Shares were effectively flat after hours Thursday after declining 5.6% to $11.97 during the regular trading session.
Warner Bros. Discovery is the result of a merger between AT&T’s WarnerMedia and Discovery, which was completed earlier this year. Since then, the company has been in the midst of significant cost-cutting measures, such as employee layoff and pulling content from its film slate and streaming service HBO Max.
This is a developing story. Check back for updates.