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Discovery of Warner Bros. (NASDAQ:WBD) the stock slipped on Friday after the entertainment company’s Q2 2022 earnings report was released.
One of the biggest news items in the earnings report is the company’s $9.83 billion in revenue. That’s a big shortfall from the $11.84 billion Wall Street was after. This is also a decrease of 1% excluding currencies compared to the same period last year.
Another highlight of the earnings report comes from the conference call with company executives. In that call, the CEO of Warner Bros. Discovery’s David Zaslav outlined plans for the future of the company’s streaming services.
Zaslav has confirmed that Disocvery+ and HBO Max will be combined into one streaming service. The company’s current goal is for its merger to take place next summer. Until then, the two services will share content.
WBD Stock: CEO wants to focus on theatrical releases
To accompany this, Zaslav also confirmed the scrapping of bat girl and Scoob! : The Holiday Haunt. Both films were slated for release on HBO Max. The CEO notes that these cancellations come as the company plans a strategic shift for the DC franchises. Going forward, he says films will focus on theatrical releases, rather than going straight to streaming.
Today’s news shows that WBD stocks are seeing intense trading, with some 23 million shares in motion as of this writing. For comparison, the company’s average daily trading volume is closer to 20.7 million shares.
WBD stock is down 14% on Friday morning.
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As of the date of publication, William White has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
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