Warner Bros. Discovery (NASDAQ:WBD) stock is slipping on Friday following the release of the entertainment company’s earnings report for the second quarter of 2022.
One of the biggest bits of news from the earnings report is the company’s revenue of $9.83 billion. That’s a big miss compared to the $11.84 billion that Wall Street was looking for. It’s also a 1% ex-FX decrease compared to the same time last year.
Another highlight from the earnings report comes from the conference call with company leaders. In that call, Warner Bros. Discovery CEO David Zaslav laid out plans for the future of the company’s streaming services.
Zaslav confirmed that Disocvery+ and HBO Max will be combined into a single streaming service. The company’s current goal has its combination taking place next summer. Until then, the two services will share content.
WBD Stock: CEO Wants to Focus on Theatrical Releases
To go along with that, Zaslav also confirmed the scrapping of Batgirl and Scoob!: Holiday Haunt. Both films were set to release on HBO Max. The CEO notes that these cancellations come as the company plans a strategic shift for DC franchises. Moving forward, he says films will focus on theatrical releases, rather than going direct to streaming.
Today’s news has WBD stock seeing heavy trading, with some 23 million shares on the move as of this writing. For comparison, the company’s daily average trading volume is closer to 20.7 million shares.
WBD stock is down 14% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.