Warner Bros. Discovery (NASDAQ: WBD) is down roughly 30% from where it was this time last year. But with the company's recent first-quarter results showing some positive signs, investors may want to consider picking up the stock.

Warner Bros. Discovery delivered an impressive performance in Q1 by achieving a $50 million profit and adding 1.6 million customers to its U.S. streaming unit. The result exceeded the company's earlier forecast, in which it predicted it would not break even until 2024.

Speaking on the company's Q1 investor call, CEO David Zaslav said the streaming division will likely remain profitable for the rest of 2023. "And it's worth noting HBO Max and Discovery+ are still only available to less than half of the global streaming market," continued the executive. "So there is significant runway ahead of us and we are attacking this opportunity."

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Source Fool.com