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“Superman” offset by cable TV as Warner Bros. Discovery posts a revenue miss amid potential sale

Warner Bros. Discovery reported its third-quarter results on Thursday.

Max Knoblauch

A $615 million global box office run for “Superman” was overpowered by the entertainment industry’s kryptonite: cable television.

Warner Bros. Discovery reported its third-quarter results on Thursday, and 8% revenue growth in its streaming and studios division was eclipsed by a 22% plunge in sales for its global linear networks division, which includes its cable TV business.

The HBO and CNN parent posted a net loss of $148 million, compared to a $135 million profit in Q3 last year. WBD shares were up modestly in early trading on Thursday.

The entertainment giant also:

  • Booked $9.05 billion in total revenue, down 6% from the same period last year and below the $9.18 billion expected by analysts polled by FactSet.

  • Grew its streaming ad business by 14%, on a constant currency basis, to $235 million.

  • Ended the quarter with 128 million streaming subscribers, up 2.3 million from Q2 but slightly shy of estimates.

  • Posted adjusted earnings of $0.04 per share, narrowly beating Wall Street’s expectations of $0.03 per share.

The company said it expects the absence of NBA games to ding ad revenues for both its streaming and cable businesses in the fourth quarter.

These results come amid a potential sale of all or part of the company to a major entertainment rival. Last month, WBD said it had received interest from multiple parties. Reports said that the company rejected three offers from Paramount Skydance and that Amazon and Netflix may be among the other companies circling.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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