Warner Bros. Discovery (NASDAQ: WBD), a leading media and entertainment company, on Wednesday reported financial results for the third quarter of 2023.
- Q3 revenues rose 2% annually to $9.98 billion; ex-FX, the top line edged up 1% from the prior year quarter
- Studios revenues were $3.23 billion in the three-month period, which is up 3% year-over-year ex-FX
- Net loss available to the company was $417 million in Q3, compared to a loss of $2.31 billion in the year-ago quarter
- Adjusted EBITDA was $2.97 billion in the September quarter, up 22% from $2.42 billion reported a year earlier
- Cash provided by operating activities increased sharply to $2.52 billion in the third quarter; free cash flow was $2.06 billion
- Global DTC subscribers dropped 0.7 million to 95.1 million at the end of Q3 vs. 95.8 million at the end of Q2