Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Warner Bros Discovery Inc (WBD) announced on Tuesday it had added nearly 2 million paid streaming subscribers during the first quarter.

The company’s total revenue surged 13% year-on-year to $3.16 billion in the latest quarter, supported by a rebound in ad spending and the Beijing Winter Olympics.

Yet, the figure did not take into account results for WarnerMedia, pay TV channels such as CNN and streaming service HBO Max.

Warner Bros Discovery’s net income attributable to shareholders went up to $456 million ($0.69 per share) during the quarter from $140 million ($0.21 per share) in the year-ago period.

During a call with investors, the company’s Chief Financial Officer Gunnar Wiedenfels reaffirmed an objective to achieve $3 billion in cost savings, as he cited the recent decision to cancel CNN+ as an example.

“A lot of synergy potential is really going to come from cost avoidance and elimination of planned expenses for the streaming business,” the CFO said.

Last week Warner Bros Discovery said it would shut down its CNN+ streaming news service less than 1 month after its launch. The service got off to a disappointing start, as it reportedly attracted only 10,000 viewers per day.

In the three months before the merger between Discovery Inc and AT&T Inc’s WarnerMedia assets was finalized, the number of total paid streaming subscribers went up to 24 million.

The shares of Warner Bros Discovery closed lower for the seventh time in the past ten trading sessions on NASDAQ on Tuesday. It has also been the steepest single-session loss since January 26th. The stock went down 7.77% ($1.67) to $19.83, after touching an intraday low at $19.63. The latter has been a price level not seen since October 29th 2020 ($19.07).

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: CAD/CHF daily forecastForex Market: CAD/CHF daily forecast During yesterday’s trading session CAD/CHF traded within the range of 0.7992-0.8132 and closed at 0.8125.At 7:58 GMT today CAD/CHF was gaining 0.09% for the day to trade at 0.8134. The pair touched a daily high at 0.8147 at 6:40 […]
  • US stocks declined amid Fed tapering concern, Syria tensionsUS stocks declined amid Fed tapering concern, Syria tensions US stock indexes retreated sending Standard & Poors 500 to a 3.1% decline for the month of August amid analysts speculation of bond tapering happening as soon as mid-September. US intentions to strike Syria is another reason for the stock […]
  • AUD/USD on almost three-year lows after US Employment and GDP reportsAUD/USD on almost three-year lows after US Employment and GDP reports Australian dollar plunged to its lowest point in almost three years against the US dollar on Wednesday, following the release of upbeat Employment and Gross Domestic Product reports out of the United States.AUD/USD collapsed to a session […]
  • Marks & Spencer share price down, holiday sales miss projectionsMarks & Spencer share price down, holiday sales miss projections Marks & Spencer Group Plc, UKs biggest clothing retailer by sales, reported worse than expected holiday results, citing online delivery problems.London-based M&S reported a 5.8% decrease in like-for-like sales in its general […]
  • Forex Market: GBP/CAD daily forecastForex Market: GBP/CAD daily forecast During yesterday’s trading session GBP/CAD traded within the range of 1.8194-1.8308 and closed at 1.8304.At 7:02 GMT today GBP/CAD was gaining 0.1% for the day to trade at 1.8318. The pair touched a daily high at 1.8320 at 6:53 […]
  • Forex Market: EUR/CAD daily forecastForex Market: EUR/CAD daily forecast During yesterday’s trading session EUR/CAD traded within the range of 1.4570-1.4644 and closed at 1.4590, losing 0.1% on a daily basis.At 6:45 GMT today EUR/CAD was gaining 0.02% for the day to trade at 1.4588. The pair touched a daily […]