Shares of Warner Bros. Discovery Inc. WBD were falling more than 2% in premarket trading Friday after the media giant trailed expectations with its first-quarter results. The company generated a net loss of $1.1 billion, or 44 cents a share, whereas it recorded net income of $456 million, or 69 cents a share, in the year-earlier period. The metric included 1.8 million of pre-tax amortization related to intangible assets from acquisitions and $95 million of pre-tax restructuring costs. Analysts tracked by FactSet expected a 12-cent per-share loss. Warner Bros. Discovery also posted adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $2.6 billion, while analysts had been modeling $2.7 billion. Revenue rose to $10.7 billion, while analysts were projecting $10.8 billion. The company’s revenue fell 5% on a pro-forma currency-neutral basis. Warner Bros. Discovery had 97.6 million total direct-to-consumer subscribers in the quarter, compared with 96.1 million for the fourth quarter.
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