Warner Bros. Discovery, the nation’s second-largest entertainment giant, reported Thursday that sluggish advertising sales dented third-quarter results as the company continues to eye cost-cutting layoffs and a viable streaming strategy.
The studio reported a loss of $2.3 billion, or 95 cents a share, on revenue of $9.82 billion. Analysts had been projecting an adjusted loss per share of 17 cents on $10.37 billion of revenue. It marks the second-straight quarter Warner Bros. has posted a loss after swerving $3.42 billion into the red.
WBD, like other Hollywood studios, faced macroeconomic headwinds such as further subscriber losses in linear television, sluggish advertising sales, and further restructuring charges from Discovery’s $44 billion acquisition of Warner Bros.