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Warner Bros. Discovery reported a big quarterly loss even as its U.S. direct-to-consumer segment turned a profit for the first time ever.
The company also expects the DTC, or streaming, business to be profitable for 2023 in the U.S., a year ahead of its expectations, CEO David Zaslav said in an earnings release Friday morning.
First-quarter revenue was $10.7 billion, roughly in line with analysts’ estimates. The company reported a net loss of $1.1 billion and adjusted EBITDA of $2.6 billion.
Here’s what the company reported, versus analysts’ estimates, according to Refinitiv:
- Revenue: $10.7 billion vs. $10.78 billion expected
- Loss per share: 44…