Warner Bros. Discovery Turns To Profit In Q2; Revenues Miss Market View

(RTTNews) - Media firm Warner Bros. Discovery, Inc. (WBD) reported Thursday a profit in its second quarter, compared to prior year's loss, with higher revenues. Meanwhile, the top line missed market estimates.

In the pre-market activity on the Nasdaq, WBD shares were gaining around 1.2 percent to trade at $12.96.

In the quarter, net income available to the company was $1.58 billion, compared to a loss of $9.99 billion a year ago. Earnings per share were $0.63, compared to loss of $4.07 last year.

The latest results included $1.7 billion of pre-tax acquisition related amortization of intangibles, content fair value step-up, and restructuring expenses, as well as a $3.0 billion pretax gain on the extinguishment of debt.

The Wall Street analysts on average expect the company to report a loss of $0.23 per share. Analysts' estimates typically exclude special items.

Total revenues increased 1 percent to $9.81 billion from last year's $9.71 billion. Analysts expected revenues of $9.83 billion for the quarter.

Distribution revenues were flat at $4.89 billion, while a 9 percent drop in Advertising revenues were more than offset by 17 percent jump in Content revenues.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.