Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Warner Bros. Discovery, Inc (NASDAQ: WBD) posted a wider-than-expected loss for its fourth quarter on Friday.
The company reported a fourth-quarter fiscal 2023 revenue decline of 7% ex-FX year-on-year to $10.28 billion, marginally missing the consensus of $10.37 billion. Loss of 16 cents per share missed the consensus loss of 6 cents per share, according to data from Benzinga Pro.
Studios revenues were $3.17 billion, down 18% ex-FX Y/Y on a pro forma combined basis. Content revenue decreased 20% due to the impact of the WGA and SAG-AFTRA strikes and specific large licensing deals in the prior year.
“We have an attack plan for 2024 that includes the roll-out of Max in key international markets, a more robust creative pipeline across our film and TV studios, and further progress against our long-range financial goals and are confident in our ability to drive sustained operating momentum and enhanced shareholder value,” said David Zaslav, President & CEO.
Warner Bros. Discovery shares fell 0.6% to trade at $8.56 on Monday.
These analysts made changes to their price targets on Warner Bros. Discovery after the company reported quarterly results.
- JP Morgan cut the price target on Warner Bros. Discovery from $13 to $10. JP Morgan analyst Philip Cusick maintained a Neutral rating.
- Morgan Stanley slashed the price target on Warner Bros. Discovery from $14 to $10. Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating.
- Barrington Research lowered the price target on Warner Bros. Discovery from $18 to $16. Barrington Research analyst James Goss maintained an Outperform rating.
- Rosenblatt reduced the price target on Warner Bros. Discovery from $9 to $7. Rosenblatt analyst Barton Crockett maintained a Sell rating.
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