Core Viewpoint - Warner Bros. Discovery (WBD) reported its fiscal second-quarter results, showing mixed performance with revenue slightly missing analyst expectations but earnings per share exceeding forecasts [1][3][7]. Financial Performance - WBD's quarterly revenue was $9.81 billion, flat year-on-year, missing the consensus estimate of $9.72 billion [1] - Earnings per share (EPS) was reported at $0.63, surpassing the analyst consensus estimate of a 22-cent loss [1] - Adjusted EBITDA increased by 9% to $1.9 billion, exceeding expectations by 8% [3] Revenue Breakdown - Studio revenue surged 55% to $3.8 billion, with adjusted EBITDA of $863 million, driven by successful theatrical releases [4] - Global Linear Networks revenue fell 9% to $4.8 billion, while Streaming revenue grew 9% to $2.8 billion, generating $293 million in adjusted EBITDA compared to a loss in the previous year [4] Subscriber Growth - Streaming subscribers increased by 22% year-over-year to 125.7 million, with 57.8 million in the U.S. and 67.9 million internationally, achieving an average revenue per user (ARPU) of $7.14 [5] Future Guidance - WBD reaffirmed its 2025 streaming adjusted EBITDA guidance of at least $1.3 billion [5] - Analyst projections for 2025 include revenue of $38.1 billion, adjusted EBITDA of $8.9 billion, and EPS of $0.36 [6] - For 2026, revenue is forecasted at $38.2 billion, adjusted EBITDA at $9 billion, and a loss per share of $0.35 [6] Analyst Ratings - Needham analyst Laura Martin maintained a Hold rating on WBD, while Bank of America Securities analyst Jessica Reif Ehrlich maintained a Buy rating with a price target of $16 [2] Market Reaction - Following the results, WBD's stock traded lower by 4.72% to $11.30 [11]