Shares of Warner Bros. Discovery fell sharply this morning, hitting an all-time low of well below $7 after disappointing quarterly results after the market closed yesterday, including a huge writedown at its networks division.
Warner Bros. shares fall to lowest level ever
The stock fell to a low of $6.73. It is now trading down more than 12% at $6.76. The company missed most Wall Street forecasts in its earnings yesterday, posting a huge loss after taking a $9.1 billion write-down to account for declining advertising and uncertainty over sports renewal rights after losing its lucrative NBA package.
Another $2.1 billion in write-downs and charges, including severance payments after a wave of layoffs, brought the total one-time loss to $11.2 billion.
Analysts were not happy and quite skeptical during a call after the figures. They asked CEO David Zaslav and the board about the future of the company, but apparently did not get much confidence in it.
