WBD Nasdaq· Warner Bros. Discovery Inc
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WBD Nasdaq· Warner Bros. Discovery Inc
Earnings report Q3 2023

Warner Bros. Discovery Reports Mixed Revenue Performance in Latest Quarter

Segments of Revenue

Warner Bros. Discovery's total revenues for the quarter ending September 30, 2023, were $9.98 billion, a slight increase from $9.82 billion in the same period in 2022. The company's revenue was segmented into distribution ($5.03 billion), advertising ($1.8 billion), content ($2.84 billion), and other ($317 million).


The company saw a 3% increase in content revenue, primarily due to higher theatrical film rental revenue from the release of "Barbie" and higher games revenue from the releases of "Mortal Kombat 1" and "Hogwarts Legacy". Other revenue also increased by 5%, mainly due to the opening of Warner Bros. Studio Tour Tokyo in June 2023 and strong attendance at Warner Bros Studio Tour London and Hollywood.


Despite the increase in content and other revenues, the company faced challenges in its TV licensing and home entertainment sectors. TV licensing revenue decreased due to large deals in the prior year, the timing of TV production, and the impact of the WGA and SAG-AFTRA strikes. Home entertainment revenue also decreased due to fewer new releases of theatrical products. Additionally, advertising revenue decreased from $2.04 billion in 2022 to $1.8 billion in 2023.


The company's other revenue was unfavorably impacted by lower studio production services due to the impact of the WGA and SAG-AFTRA strikes.


Warner Bros. Discovery's latest quarter showed mixed results in terms of revenue. While content and other revenues saw increases, TV licensing, home entertainment, and advertising revenues faced challenges. The company will need to address these areas of weakness while capitalizing on the strengths of its theatrical film and games sectors.

Source documents

Form 10-Q  filed on Nov 08, 2023
46 pages scanned

Reference data

Company financials Q3 revenue 3.19B
Analyst estimates Q3 EPS missed by NaN%
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