Why Warner Bros. Discovery Stock Tumbled Today
Shares of Warner Bros. Discovery (NASDAQ: WBD) pulled back today after the entertainment company posted weak results in its third-quarter earnings report, missing estimates on the top and bottom lines.
The stock closed down 12.9% on the news.
On a pro forma basis, revenue in the quarter fell 8% in currency-neutral terms to $9.82 billion, missing estimates at $10.36 billion. Even worse, sales declined at all three of its business segments: networks, studios, and direct-to-consumer.
Source Fool.com
