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Warner Bros. Discovery Stock Plunges Following Earnings Loss and Forecast Revisions

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variety.com

Cynthia Littleton Business EditorWarner Bros. Discovery shares were battered Friday on the heels of its after-market second-quarter earnings report on Thursday that revealed the depth of the financial and operational pressures that the newly enlarged conglomerate is facing.WB Discovery shares were down more than 17% at midday to the $14.50 range.

The valuation of the company has plummeted in the four months since Discovery completed its spinoff transaction with AT&T.On Thursday, WB Discovery posted an enormous loss of nearly $3.5 billion that included a $1 billion write-down for restructuring charges and the new regime’s evaluation of some of the content on the shelf at the former WarnerMedia.As WB Discovery faces pressure to pare down debt, maintain healthy free cash flow and grow global streaming subscribers, CEO David Zaslav and WBD chief financial officer Gunnar Wiedenfels were frank with analysts during a 95-minute conference call Thursday afternoon about the revelations that his team have had during the first 100 days of operating HBO, Warner Bros.

and the Turner basic cable networks. WB Discovery made headlines earlier in the week with the decision to table plans for a dircect-to-HBO Max release of the DC Comics movie “Batgirl,” starring Leslie James.

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