Warner Bros. Discovery, Inc. reported total revenues of $9,623 million for the three months ended September 30, 2024, a decline of 4% from $9,979 million in the same period of 2023. For the nine months ended September 30, 2024, revenues decreased to $29,294 million from $31,037 million in the prior year. The revenue breakdown for Q3 2024 showed Studios generating $2,680 million, Networks $5,010 million, and Direct-to-Consumer (DTC) $2,634 million, with notable declines in Studios and Networks compared to the previous year.
Total costs and expenses for the three months ended September 30, 2024, were $9,342 million, down from $9,882 million in Q3 2023. However, for the nine-month period, costs surged to $39,488 million from $32,403 million in 2023. Operating income for Q3 2024 was $281 million, a significant increase from $97 million in Q3 2023, while the nine-month operating loss deepened to $(10,194) million from $(1,366) million in the prior year.
Net income for the three months ended September 30, 2024, was $141 million, a recovery from a net loss of $(407) million in Q3 2023. However, the nine-month net loss widened to $(10,842) million from $(2,687) million in the same period last year. The net income available to Series A common stockholders for Q3 2024 was $135 million, compared to a loss of $(417) million in Q3 2023.
The company recorded a non-cash goodwill impairment charge of $9.1 billion during Q2 2024, primarily affecting the Networks reporting unit. This contributed to the substantial net loss for the nine-month period. Restructuring and other charges decreased significantly, reflecting ongoing efforts to streamline operations.
As of September 30, 2024, total assets were reported at $106,333 million, down from $122,757 million at the end of 2023, while total liabilities decreased to $70,159 million from $76,285 million. Total stockholders’ equity also declined to $35,100 million from $45,226 million at year-end 2023.
The company faced challenges from industry headwinds, including declines in linear distribution and advertising revenue, exacerbated by strikes affecting production schedules. Despite these challenges, DTC revenues increased by 8% in Q3 2024, driven by a rise in subscribers and advertising revenue. The company continues to focus on restructuring initiatives, with expected pre-tax charges related to these efforts reaching up to $5.3 billion.
About Warner Bros. Discovery, Inc.
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