Warner Bros. Discovery (WBD) shares dropped over 9% in intraday trading Friday after the entertainment giant’s earnings and revenue missed estimates, driven by a fall in advertising revenue and Hollywood strikes.
Warner Bros. Discovery reported a fourth-quarter loss of 16 cents per share, narrowed from a loss of 86 cents per share in the year-ago period but steeper than analysts anticipated. Revenue of $10.28 billion for the fourth quarter was down from $11 billion a year earlier, also missing expectations as TV advertising revenue declined and studio revenue dropped as a result of writers’ and actors’ strikes.
