Shares of media and entertainment services provider Warner Bros. Discovery (NASDAQ:WBD) are trending lower at the time of publishing today after the company’s first-quarter numbers fell short of estimates.
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The company’s revenue declined 3% to $10.7 billion (on a combined basis) for the quarter, missing expectations by $70 million. Net loss per share at $0.44 too came in wider than estimates by $0.33.
During the quarter, global DTC subscribers rose by 1.6 million to 97.6 million. The platform was the most watched total TV linear portfolio in Q1 on the back of the performance of the NCAA March Madness tournament. Moreover, its Hogwarts Legacy is best selling game this year with collections of more than $1 billion.
Overall, the Street has an $18.63 consensus price target on WBD pointing to a hefty 51% potential upside in the stock. That’s after a nearly 18% slide in the share price over the past month.
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