- Needham analyst Laura Martin reiterated the Hold on Warner Bros. Discovery, Inc (NASDAQ:WBD).
- Martin cut her 3Q22 revenue, operating income, and EPS estimates for WBD.
- She reduced her advertising revenue estimate by 10% (to down 9% Y/Y) to reflect WBD guidance of high single to low double-digit declines, owing to current scatter market softness.
- She cut her distribution revenue estimate by 2% (down 3% Y/Y) due to linear TV sub losses.
- She saw more significant FX headwinds than previously anticipated.
- She saw tougher comps because last year benefited from the Summer Olympics (held in 3Q21).
- These negative adjustments were partially offset by higher content revenue because WBD licensed the Lord of the Rings library movies to Amazon.com Inc (NASDAQ:AMZN) to coincide with its streaming release of The Rings of Power, higher cost synergies at WBD, and higher share count.
- Price Action: WBD shares traded higher by 4.02% at $12.82 on the last check Tuesday.
Seagate Technology Q1 Adj. EPS $2.35 Up From $0.93 YoY, Sales $3.12B Beat $2.73B Estimate
Seagate Technology (NASDAQ:STX) reported quarterly earnings of $2.35 per share. This is a 152.69 percent increase over earnings of $0.93 per share from the same period last year. The company reported quarterly sales of
