Warner Bros. Discovery reported earnings results for the third quarter today. The company reported revenue was $9,623 million, compared to $9,979 million a year ago. Net income was $135 million, compared to a net loss of $417 million a year ago. Last quarter, WBD reported a $9.1 billion write-down on its TV networks.
The company announced that streaming platform Max added 7.2 million subscribers during the third quarter, bringing the total number of subscribers to 110.5 million. The streaming business’ revenue increased 8 percent to $2.63 billion.
This gain — the largest quarterly growth in subscribers since launch — was driven by the Paris Olympics.
This compares to Netflix, which had an increase of 5.1 million subscribers during the quarter, totalling now 282.7 million memberships.
However, beginning next year, Netflix will no longer update investors on its subscriber numbers as it will focus on revenue and other metrics as performance indicators.
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