Warner Bros. Discovery's revenue falls 9.8% to $8.98 billion in the first quarter of 2025 as games revenue drops 48% at constant currency

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Warner Bros. Discovery reported revenue of $8.98 billion for the quarter that ended Mar 31, 2025, 9.8% below the $9.96 billion of the same quarter a year earlier. The figures come from its Form 10-Q, the quarterly report a US-listed company files with the SEC, filed on May 8, 2025. It posted an operating loss of $37 million, against an operating loss of $267 million a year earlier. The net loss attributable to the company's shareholders was $453 million, a diluted loss of $0.18 a share, against $966 million and $0.40 a share a year earlier; counting the stakes other investors hold in its subsidiaries, the net loss was $449 million. The operating loss includes $90 million of impairments and loss on dispositions, mostly an $87 million impairment on its Hudson Yards, New York office lease after it subleased part of the space.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14

Games revenue fell 48% on the company's ex-FX basis, which adjusts for foreign exchange; the company ties the drop to the release of Suicide Squad: Kill the Justice League in the first quarter of 2024 and to no game release in this quarter. The company also cites carryover in the prior-year quarter from Hogwarts Legacy and Mortal Kombat 1, both released in 2023. Warner Bros. Games publishes those games, and Rocksteady Studios developed Suicide Squad: Kill the Justice League. Games content expense fell 66% on the same basis, which the report ties to a $187 million impairment on Suicide Squad: Kill the Justice League in the year-earlier quarter.15^,16^,17^,18^,19^,20

Games sit in the Studios segment, which the filing describes as including interactive gaming; its revenue was $2.31 billion, down 18% as reported from $2.82 billion. Streaming revenue rose 8% as reported, to $2.66 billion, with streaming subscribers 23% above a year earlier, while Global Linear Networks, the television networks, fell 7% to $4.77 billion.21^,22^,23^,24^,25^,26^,27^,28^,29^,30

In December 2024 the company said its board had authorized a new corporate structure with two divisions, Streaming & Studios and Global Linear Networks. During 2024 it also started a restructuring initiative tied to its Warner Bros. Games group. In this report it says it identified no indicators of impairment of goodwill and intangible assets, and it lists volatility in the performance of theatrical film and game slates in Studios among the trends it monitors.31^,32^,33^,34^,35

Our records hold this filing's management discussion and its notes, not its other exhibits. Our records keep one value for each period of an SEC filer, the latest filed, so they cannot tell whether the year-earlier figures were restated.36^,37