Warner Bros. Discovery Shares Plunge on Weak Earnings
9 minutes ago
Warner Bros. Discovery (WBD) shares plunged Thursday after the entertainment company recorded an almost $10 billion second-quarter loss, hit by a write-down in the value of its cable networks.
The company posted a $9.1 billion non-cash goodwill impairment charge from its cable networks segment, showing that CNN and TNT, among others, continue to be disrupted by streaming services like Netflix (NFLX).
The company’s fortunes don’t look much brighter, either, after its TNT Sports unit last month lost out on the lucrative 11-year media rights deal to show NBA games.
Warner Bros. Discovery’s second-quarter loss widened to $9.99 billion from $1.24 billion last year, while revenue fell to $9.71 billion from $10.36 billion. The numbers were worse than expected on both the top and bottom lines.
WBD shares were down 10%, trading at their lowest levels since 2008.
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Eli Lilly Soars on Strength of Weight-Loss Drug Sales
38 minutes ago
Eli Lilly (LLY) shares surged higher in early trading Thursday after the drugmaker’s second-quarter earnings came in well above analysts’ estimates and it raised its full-year revenue and profit guidance.
The maker of weight-loss drugs Mounjaro and Zepbound reported $11.3 billion in revenue, a 36% year-over-year jump and more than $1 billion above what analysts had expected. Profits rose 68% to $2.97 billion, also well above estimates.
Sales of Mounjaro more than tripled to $3.09 billion, while Zepbound sales have already surpassed $1 billion after only receiving FDA approval in November 2023.
Eli Lilly lifted its 2024 revenue guidance by $3 billion, now projecting $45.4 billion to $46.6 billion on the back of strong Mounjaro and Zepbound sales.
Eli Lilly shares were up nearly 9% in recent trading.
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Stock Futures Point to Higher Open for Major indexes
1 hr 46 min ago
Futures tied to the Dow Jones Industrial Average were up 0.5%.
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S&P 500 futures were up 0.8%.
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Nasdaq 100 futures were up 1.2%
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