Warner Bros. Discovery (NASDAQ: WBD), the media and entertainment conglomerate was up in pre-market trading at the time of writing as the company’s losses narrowed in the second quarter to a loss of $0.51 per share as compared to a loss of $1.50 per share. Analysts were expecting the company to report a loss of $0.35 per share.
WBD generated revenues of $10.35 billion in Q2, down by 4% year-over-year, excluding exchange rate fluctuations but fell short of consensus estimates of $10.44 billion.
David Zaslav, Warner Bros. Discovery’s President and CEO commented, ” This quarter alone we reported over $1.7 billion in free cash flow, and we remain bullish with respect to our delevering story and expect to be comfortably below 4.0x levered by the end of the year and at our target of 2.5-3.0x gross leverage by the close of 2024.”
Analysts are bullish about WBD stock with a Strong Buy consensus rating based on 11 Buys and three Holds.
