Shares of Warner Bros. Discovery surged over 12% during Thursday’s trading session as its a direct-to-consumer division posted a profit of $289 million during its third quarter of 2024, fueled by its largest-ever quarter of subscriber growth since the launch of Max, which topped 110 million globally.
“Anyone who has listened to one of our earnings calls over the last two years knows Max’s importance to Warner Brothers Discovery,” WBD CEO David Zaslav told analysts during the company’s third quarter earnings call on Thursday. “Getting Max right has required patience, discipline and substantial investment. Today, those investments are delivering clear results, both in terms of subscriber related revenue growth and bottom line impact.”