Earnings Summary: A snapshot of Warner Bros. Discovery’s (WBD) Q3 report

Warner Bros. Discovery (NASDAQ: WBD), a leading media and entertainment company, Thursday reported financial results for the third quarter of 2024.

• Third-quarter revenue totaled $9.6 billion, which represents a 4% decrease from the year-ago quarter
• On an ex-FX basis, Q3 revenue declined 3% year-over-year during the three months
• Studios revenues decreased 17% to $2.68 billion, while network revenue moved up 3% to $5 billion
• At $2.63 billion, direct-to-customer revenue was up 8% year-over-year
• Net income available to Warner Bros. Discovery was $135 million in the September quarter, vs. a loss of $417 million in Q3 2023
• Total adjusted EBITDA came in at $2.4 billion during the three months, which is down 19% year-over-year
• Cash provided by operating activities was $0.8 billion in Q3; free cash flow totaled $0.6 billion
• The company repaid/repurchased $0.9 billion of debt during Q3, ending the quarter with $3.5 billion of cash on hand