Warner Bros. Stock Jumps On Streaming Growth: 'The Last Of Us,' 'Minecraft Movie' Could Mean Even Bigger Gains In Q2

Warner Bros. Discovery’s WBD shares traded higher Thursday after the company reported first-quarter financial results and strong figures for its streaming segment.

The good news for investors is the company's streaming segment could be even bigger in the second quarter.

What Happened: Warner Bros. Discovery reported revenue of $8.98 billion and a loss of 18 cents per share in the first quarter, both figures missing Street consensus estimates.

The company reported 122.3 million streaming subscribers across Max and Discovery+, up from 99.6 million in the prior year's first quarter, or a 23% increase.

Streaming revenue of $2.66 billion was up 9% year-over-year.

While the streaming segment saw success in the first quarter, the segment could be in for an even brighter second quarter, something investors should be aware of.

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What's Next: Media companies that own movie production segments and streaming platforms can help provide their own boost by having their theatrical movies hit their streaming platforms months after release.

For Warner Bros. Discovery, this means that its box office hits "Minecraft Movie" and "Sinners" will likely hit the Max streaming platform in June, as the current window is 60 to 100 days between theatrical release and streaming.

"Minecraft Movie" premiered on April 4, while "Sinners" hit theaters on April 18. Both will likely hit Max in the second quarter.

"Minecraft Movie" ranks first in domestic box office for 2025 with $399.8 million, reported BoxOfficeMojo. The film has grossed $876.2 million worldwide.

"Sinners" ranks third in domestic box office for 2025 with $187.1 million. The film has grossed $244.6 million worldwide.

Strong box office performers can often see strong viewership on streaming and sometimes provide a bump in subscribers. It will also likely help that both films have strong ratings from viewers. "Minecraft Movie" has an 86% audience score on Rotten Tomatoes and "Sinners" has a 97% audience score.

But movies will not be the only thing boosting Max in the second quarter. Thanks to hit series and sports, the streaming platform could also see increased subscribers and engagement.

The second season of "The Last of US" premiered on Max on April 13. Viewership for the premiere episode was up 13% from the season 1 premiere, with 5.3 million viewers. The first season was well received by viewers and gained viewers along the way, ending with 8.2 million viewers for the season 1 finale.

As one of Max's top shows, the return for the second season could provide a boost to subscribers in the second quarter with new viewers ready to tune in or returning subscribers who may have cancelled their plans after the first season was over.

Games in the NHL Playoffs and NBA Playoffs can also be viewed on Max, which could provide a boost to the streaming platform's subscribers in the second quarter. Live sports contests remain among the top draws for cable television and streaming.

WBD Price Action: Warner Bros. Discovery stock is up 1.6% on Friday, adding to a 5.3% gain from Thursday. Shares trade at $9.16 versus a 52-week trading range of $6.64 to $12.70 with the stock down 14.9% year-to-date in 2025.

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