Summary by Moomoo AI
Warner Bros. Discovery reported a Q2 2024 net loss of $10 billion, primarily due to a $9.1 billion non-cash goodwill impairment charge in its Networks segment. The charge was triggered by market capitalization-book value differences, U.S. linear advertising softness, and uncertainty around affiliate and sports rights renewals.Total revenues decreased 5% ex-FX to $9.7 billion, while Adjusted EBITDA fell 15% ex-FX to $1.8 billion. Free cash flow declined 43% to $976 million. The company repaid $1.8 billion of debt and ended Q2 with $3.6 billion cash on hand and $41.4 billion gross debt.Despite challenges, WBD's direct-to-consumer business showed growth, adding 3.6 million global subscribers to reach 103.3 million. Global DTC ARPU increased 4% ex-FX to $8.00. The company successfully launched Max across Europe, including new markets in France and Belgium, now available in 65 countries and territories.
