5 Must-Read Analyst Questions From Warner Bros. Discovery's Q1 Earnings Call
Is now the time to buy WBD? Find out in our full research report (it's free).
Revenue: $8.98 billion vs analyst estimates of $9.56 billion (9.8% year-on-year decline, 6% miss)
Adjusted EBITDA: $2.11 billion vs analyst estimates of $2.08 billion (23.4% margin, 1.1% beat)
Operating Margin: -0.4%, up from -2.7% in the same quarter last year
Market Capitalization: $27.59 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Steven Cahall (Wells Fargo) asked about the new divisional structure's impact on capital flexibility. CFO Gunnar Wiedenfels emphasized improved transparency and optionality but declined to speculate on capital structures for specific assets.
Peter Supino (Wolfe Research) inquired about the sports content strategy on Max. CEO David Zaslav and JB Perrette, CEO of Global Streaming and Games, indicated experimentation with different models, but stressed a shift toward proprietary IP over rental-based sports rights.
Bryan Kraft (Deutsche Bank) questioned how HBO consistently produces standout hits and its appeal to younger viewers. CEO Zaslav attributed success to a long-standing, experienced creative team and a deliberate focus on quality over quantity.
David Karnovsky (JPMorgan) asked about macroeconomic impacts and advertising trends. Wiedenfels stated the company has seen no material impact so far, and Q2 advertising trends are tracking in line with Q1, with cost management measures in place.
Jessica Reif Ehrlich (Bank of America Securities) sought clarity on ARPU growth drivers and streaming consolidation prospects. JB Perrette outlined plans for new pricing, ad products, and password sharing initiatives, while Zaslav discussed optionality created by the company's reorganization.
In the coming quarters, our team is watching (1) the pace and success of Max's global expansion, particularly in Europe; (2) the rollout and consumer uptake of ad-supported and password sharing features; and (3) the performance of upcoming franchise films and series, including their impact on subscriber engagement and studio profitability. Progress on cost control and execution of the new divisional structure will also be key markers.
Warner Bros. Discovery currently trades at $11.15, up from $8.59 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it's free).
Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs.
While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).
Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
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