Why Warner Bros. Discovery Shares Are Falling

Warner Bros. Discovery Inc WBD shares are trading lower by 4.91% at $20.44 after the company reported first-quarter financial results.

Warner Bros. Discovery reported quarterly earnings of 69 cents per share, up from 21 cents year-over-year. The company also reported $3.16 billion in sales this quarter, representing an increase over sales of $2.79 billion in the same period last year.

Warner Bros. Discovery says U.S. Networks revenues increased 7% compared to the prior year quarter to $1.932 billion. The company also noted advertising revenue increased 5% primarily due to higher pricing and the continued monetization of content offerings on our next-generation initiatives, partially offset by secular declines in the pay-TV ecosystem and lower overall ratings.

Warner Bros. Discovery is one of the largest media firms in the world.

See Also: What's Going On With Microsoft Stock Today?

According to data from Benzinga Pro, Warner Bros. Discovery has a 52-week high of $39.70 and a 52-week low of $19.63.