Why Warner Bros Discovery Shares Are Sliding After Hours

Warner Bros Discovery Inc WBD shares are trading lower in Thursday's after-hours session after the company reported worse-than-expected financial results.

What Happened: Warner Bros Discovery reported fourth-quarter revenue of $11.01 billion, which missed average analyst estimates of $11.36 billion, according to Benzinga Pro. The company's top-line results were down 9% year-over-year.

Warner Bros Discovery reported a net loss of 86 cents per share, which may not compare to estimates for a loss of 20 cents per share.

The company ended the quarter with $3.9 billion in cash on hand and $49.5 billion of gross debt.

"With the major restructuring decisions behind us, this year we are focused on building and growing our businesses for the future, and we're off to a great start. We're seeing strong momentum across the enterprise," said David Zaslav, president and CEO of Warner Bros Discovery.

The company did not provide forward guidance. A conference call to discuss these results will kick off at 4:30 p.m. ET.

WBD Price Action: Warner Bros Discovery shares are down 3.43% at $15.19 at time of publication, according to Benzinga Pro.

Photo: courtesy of Warner Bros Discovery.