Warner Bros. Discovery's stock sank another 14% in mid-afternoon trading on Friday after the company reported third quarter earnings results that missed expectations across the board.
"It's a legacy company of yesteryear that is trying to be a future company of tomorrow," Julia Alexander, director of strategy at Parrot Analytics, told Yahoo Finance Live.
Alexander added that the media giant "is a three-prong company dealing with three different issues," which she describes as an embattled theatrical industry that's struggled to reach pre-pandemic levels, a declining linear television business that — coupled with a softening ad market — has lost revenue and subscribers, and an uncertain direct-to-consumer segment that's been hit with restructuring headwinds and profitability critiques.
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