Warner Bros. Discovery (NASDAQ:WBD) stock is sliding lower on Thursday after the entertainment company posted its earnings report for the second quarter of 2024.
Warner Bros. Discovery starts off its earnings report with adjusted EPS of -18 cents. That’s worse than Wall Street’s estimate of -3 cents per share for the quarter.
Adding to that is the company’s revenue of $9.71 billion. That’s another miss compared to analysts’ revenue estimate of $10.07 billion. It’s also a 5% decrease year-over-year for the entertainment company.
Here’s what Warner Bros. Discovery president and CEO David Zaslav said in the earnings report:
“In light of industry headwinds, we have and will continue taking bold steps, like reimagining our existing linear partnerships and pursuing new bundling opportunities, with the goal to get Max on the devices of more consumers faster and at a fraction of the acquisition cost, and we are seeing clear evidence that these and other actions we are taking will help drive segment profitability in the second half of the year and into 2025 and beyond.”
More WBD Stock Troubles
MoffettNathanson senior research analyst Robert Fishman weighed in on Warner Bros. Discovery while speaking with Yahoo Finance. He pointed out the trouble the company was in with the potential loss of its NBA rights.
Fishman notes that Warner Bros. Discovery is working to secure other sports rights to mitigate the damage of the NBA loss. However, he doesn’t believe this will be enough.
WBD stock is down 9.1% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
