- 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.
Canadian Cannabis Company Boasts Record Sales For Q3 2023: 114% Increase Over Last Year
Ayurcann Holdings Corp. (OTCQB: AYURF) a leading Canadian cannabis company specializing in the processing and manufacturing of cannabis 2.0 and 3.0 products in the recreational market announced its financial and operational results for the three- and nine-months ended March 31, 2023.
