WBD Stock Drops 15% as Weak Ad Market Clouds 2024 Outlook Despite Box Office Win
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WBD stock fell up to 15% as company cited ongoing weakness in the ad market that could impact 2024 outlook.
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Total streaming subscribers declined 700,000 to 95.1 million in Q3, but streaming losses reversed with $111M in adjusted EBITDA.
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Q3 revenue of $9.98B was inline with estimates, while free cash flow jumped to over $2B.
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Box office success of "Barbie" boosted studio revenue, but TV revenue fell significantly due to prior licensing deals and Hollywood strikes.
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Company reiterated full-year adjusted EBITDA guidance of $10.5B-$11B, down from prior range of $11B-$11.5B.