Why Warner Bros. Discovery Rallied 32% in the First Six Months of the Year
Shares of entertainment giant Warner Bros. Discovery (NASDAQ: WBD) gained 32.3% during the first half of 2023, according to numbers from S&P Global Market Intelligence, although the bulk of that gain took shape in January. Investors celebrated the end of costly write-downs in addition to a price hike for its HBO Max streaming service that's been reasonably well accepted.
Fortuitous timing has a lot to do with this year's big gain, for the record. WBD shares tumbled all the way through the very end of 2022, leaving them ripe for a rebound headed into the new year. Warner Bros. Discovery simply supplied the needed nudge at the right time.
CFO Gunnar Wiedenfels is responsible for at least part of the bounce. Speaking at Citigroup's annual Communications, Media Entertainment Conference held in early January, he assured investors that 2022's write-offs reaching nearly $2.9 billion wouldn't be repeated in 2023.
Source Fool.com
