Warner Bros. Discovery Narrows Net Loss

Warner Bros. Discovery reported Q1 revenues of $9 billion, a 9 percent decrease excluding foreign currency fluctuations, with streaming gains offset by lower revenues from its studios and global linear networks segments.

The conglomerate reported a net loss of $453 million, down from $966 million last year.

The company ended the quarter with 122.3 million streaming subs, a gain of 5.3 million on Q4, with 57.6 million in the U.S. and 64.6 million internationally. Streaming revenues were up 9 percent ex-FX to $2.66 billion, with distribution up 8 percent to $2.3 billion and advertising up 35 percent to $237 million. The segment saw its content revenues slip by 11 percent to $88 million as the further expansion of Max resulted in lower third-party licensing.

Studios revenues fell 16 percent to $2.3 billion, with content revenues falling 17 percent amid lower theatrical and gaming revenues, while TV was up 4 percent, primarily driven by higher intercompany content sales.

Global linear networks saw revenues fall by 6 percent to $4.8 billion, with distribution revenues down 8 percent to $2.6 billion and advertising down 11 percent to $1.8 billion, while content revenues were up 44 percent to $380 million.