Q2 Profit for Warner Bros. Discovery

Warner Bros. Discovery emerged from a year-ago net loss to post a second-quarter profit of $1.6 billion on slightly higher revenues of $9.8 billion.

Distribution revenues were flat at $4.9 billion as growth in global streaming subscribers was offset by declines in U.S. linear subscribers. The company ended the quarter with 125.7 million streaming subscribers, a gain of 3.4 million from Q1. Advertising revenues were down 10 percent to $2.2 billion. Content revenues, boosted by box office gains, rose by 16 percent to $2.5 billion.

Overall streaming revenues were up 9 percent to $2.8 billion, while the studios segment reported a 55 percent gain to $3.8 billion. The global linear networks, which are being spun off under Discovery Global, saw revenues fall by 9 percent to $4.8 billion, with distribution revenues down 7 percent ex-FX and ad revenues down 13 percent ex-FX.