Earnings Summary: Highlights of Warner Bros. Discovery’s (WBD) Q1 2024 report

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

• First-quarter total revenues decreased 7% year-over-year, both reported and ex-FX, to $9.96 billion
• Studios revenues decreased 13% annually, ex-FX, to $2.82 billion; Networks revenues dropped 8% to $5.13 billion
• Direct-to-Customer revenues increased modestly to $2.46 billion compared to the prior year quarter
• Net loss available to Warner Bros. Discovery was $966 million in the March quarter, vs. a loss of $1.07 billion a year earlier
• On a per-share basis, Q1 loss narrowed to $0.40 from $0.44 in the year-ago quarter
• Adjusted EBITDA came in at $2.10 billion in the first quarter, compared to $2.61 billion a year earlier
• Cash provided by operating activities was $585 million during the three months; free cash flow came in at $390 million