Warner Bros. Discovery, Inc. (NASDAQ:WBD) reported fiscal fourth-quarter results on Thursday.
The entertainment company reported quarterly revenue of $9.46 billion, down 7% year-on-year (Y/Y) ex-FX, topping the analyst consensus estimate of $9.31 billion.
The company reported a loss of 10 cents per share, wider than the analyst consensus estimate for a loss of 1 cent.
The quarterly net loss improved to $252 million, up from $494 million loss Y/Y.
WBD reported an adjusted EBITDA of $2.22 billion, a 20% ex-FX decline primarily driven by a decline in the Global Linear Networks segment.
Segment Drivers
Distribution revenues declined 3% ex-FX at $4.79 billion as solid growth in global streaming subscribers was more than offset by ongoing declines in domestic linear pay TV subscribers and the previously disclosed impact of the HBO Max domestic distribution deal renewal with a former related party in the second quarter.
Advertising revenues decreased 9% ex-FX at $1.70 billion as ad-lite streaming subscriber growth was more than offset by domestic linear audience declines. The absence of the NBA in the current year negatively impacted the year-over-year growth rate by 4% ex-FX
Content revenues decreased 10% ex-FX to $2.66 billion, primarily driven by lower content sales due to the timing of renewals at the Studios and Global Linear Networks segments.
The company generated $1.80 billion in operating cash flow (down 34% Y/Y) and $1.38 billion in free …