(Reuters) -Warner Bros Discovery (NASDAQ:) missed Wall Avenue estimates for first-quarter income on Thursday, weighed down by a weak promoting market and strike-related delays at its studio section.
Shares of the corporate had been down 1.9% in premarket buying and selling.
Subdued promoting developments within the U.S. and sure worldwide markets amid issues over higher-for-longer rate of interest setting have posed challenges for Warner Bros Discovery at its Networks section.
The corporate can also be grappling with a wider decline in conventional tv viewers because of the rising reputation of streaming companies.
Studio income was impacted by underperformance of the sport “Suicide Squad: Kill the Justice League” launched this quarter, in comparison with “Hogwarts Legacy” launched a yr earlier than, which grew to become the highest sport of the yr.
The corporate reported income of $9.96 billion for the three months ended March, in contrast with analysts’ common estimate of$10.23 billion, in response to LSEG information.
