The stock decline also underscores Wall Street’s increasing focus on profit over streaming growth.
The drop continues a decline set off by Warner Bros. Discovery’s third-quarteron Nov. 4. While the newly merged company disclosed an increase in subscribers for HBO Max and Discovery+, WBD missed Wall Street’s revenue expectations, in part due to an 11 percent drop in advertising revenue, which the company attributed to the tough macroeconomic environment.
“Macro challenges are hitting WBD amid a big restructuring and that’s fueling uncertainty,” Wells Fargo analyst Steven Cahall wrote last week. He noted that while WBD may see more earnings growth related to the merger, the company’s high gross leverage and tthe macroeconomic environment “makes everything feel shakier.”
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