Warner Bros. Discovery misses first-quarter estimates despite streaming growth

Warner Bros. Discovery reported first-quarter results on Thursday, missing analyst expectations on both the top and bottom lines.
Here is how Warner Bros. Discovery performed, compared with estimates from analysts surveyed by LSEG:
Loss per share: 40 cents vs. 24 cents loss expected
Revenue: $9.96 billion vs. $10.231 billion expected
Warner Bros. Discovery — which owns streaming service Max, a portfolio of cable TV networks including TNT and Discovery, and a film studio — said revenue fell 7% to $9.96 billion compared to the same quarter last year.
Warner Bros. Discovery posted a net loss attributable to the company of $966 million, or 40 cents per share, an improvement from the year-ago quarter when it reported a loss of $1.07 billion, or 44 cents per share.
The company said total adjusted earnings before interest, taxes, depreciation and amortization were down roughly 20% during the first quarter to $2.1 billion, noting its “Suicide Squad: Kill the Justice League” video game generated significantly lower revenues.
The company’s cash position improved, with free cash flow increasing to $390 million, a $1.3 billion improvement from the same quarter last year, the company noted.