Warner Bros Discovery (WBD, Financial) shares surged more than 12.7%, reaching $9.45. The company's third-quarter earnings report showed revenues of $9.62 billion, a 4% decrease year-on-year and below market expectations of $9.81 billion. However, earnings per share were $0.05, exceeding analyst predictions.
The direct-to-consumer segment, which includes streaming services, saw an 8% increase in revenue, reaching $2.6 billion. Additionally, traditional network segment revenue grew by 3% to $5.01 billion. The company's international expansion strategy led to a robust addition of 7.2 million new streaming subscribers, marking the strongest quarterly growth since the platform's launch. Analysts had anticipated an increase of 6.1 million subscribers.
