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1 month ago
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Shares of Warner Bros. Discovery fell sharply this morning, touching all time lows well under $7 after disappointing quarterly earnings after market close yesterday that included a massive write-down at its networks division.
The stock fell to $6.73, a low. It’s trading down more than 12% at $6.76 right now. The company missed most Wall Street forecasts in its numbers yesterday and posted an enormous loss after a $9.1 billion impairment charge to account for slipping advertising and uncertainty around sports renewal rights after losing its lucrative NBA package.
Another $2.1 billion in write-downs and charges including severance after a wave of layoffs brought the total one-time hit to $11.2 billion.
Analysts were not pleased and pretty skeptical on a call after the numbers, pressing CEO David Zaslav and executives on the future of the business, without, it seems, getting much comfort.
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