The exterior of the Warner Bros.
REUTERS/Alyssa Pointer/File photoAug 3 (Reuters) - Warner Bros Discovery (WBD.O) posted a smaller loss for the second quarter on Thursday as the media conglomerate benefited from cost cuts, sending its shares up nearly 4% in premarket trading.
Under Chief Executive Officer David Zaslav, Warner Bros Discovery has been seeking to run its direct-to-consumer business, which includes the Max streaming service, more efficiently.
Net loss for the quarter came in at $1.24 billion, compared with a loss of $3.42 billion a year earlier.
It lost 1.8 million subscribers, more than analysts' estimates of 1.1 million, reporting 95.8 million total global subscribers for its HBO, Max and Discovery+ services.
Persons:
Alyssa Pointer, David Zaslav, Max, Zaslav, Samrhitha, Helen Coster, Shounak Dasgupta, Mark Porter
Organizations:
Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, REUTERS, Warner Bros Discovery, Media, Warner Bros, Consumer, HBO, Discovery Inc, Max, HBO Max, Thomson
Locations:
Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, United States, Bengaluru, New York