Warner Bros. Discovery has reported a significant loss in the first quarter, despite its direct-to-consumer (DTC) segment turning a profit for the first time ever. However, the company expects its streaming business to be profitable by 2023, a year ahead of its initial projections, according to CEO David Zaslav. The company’s Q1 revenue was $10.7 billion, which is in line with analysts’ estimates. The company reported a net loss of $1.1 billion and adjusted EBITDA of $2.6 billion. The company ended the quarter with 97.6 million streaming subscribers, up 1.6 million from the previous quarter.
Warner Bros. Discovery, like other major media companies, is shifting its focus to streaming video as more Americans cancel traditional pay TV each year. The DTC segment turned a profit of $50 million for the quarter.
2023-05-05 06:14:19
Source from www.cnbc.com