Warner Bros. Discovery reported a 13% revenue jump and consistent streaming subscriber growth for its fiscal first quarter Tuesday. These results do not include WarnerMedia’s first quarter performance, Discovery purchased this month.

Revenue was $3.16 Billion and net income $456 M. In premarket trading, shares rose by as high as 2.2%

Below are some key numbers

• Earnings per share: Compare that to the 21 cents for last year’s quarter.
• Revenue: 3:16 billion, as compared to 2.99 billion last year’s initial quarter
• Discovery streaming customers 24 million, an increase 2 million on the quarter before

Warner Bros. has been reorganized. Discovery, a result of the WarnerMedia-Discovery merger that closed April 8Investors can look up ‘, which is a new pure-play media company. Disney, NetflixAnd Paramount Global.David Zaslav, Chief Executive Officer, hopes to demonstrate Wall Street that the newly created entity, which includes streaming services HBO Max, Discovery+ and other entertainment platforms, is able to compete with the largest companies worldwide for market share.

Zaslav stated in a statement that they are creating the organizational structure and strategic framework to support our balanced approach to growth and maximization of news, sports and storytelling. To accomplish this we’ve assembled strong leaders in a structured structure that fosters better control over the whole company and provides strategic clarity. “I couldn’t be happier about this huge opportunity.”

The combined WarnerMedia-Discovery company has a market valuation of more than $50 billion.

Last week, Zaslav made his first steps towards streamlining company operations. shut down CNN+ just weeks after its launch.

Zaslav is planning to bundle Discovery+ and HBO Max in a streaming service. It hasn’t yet been announced by the company if or when it will change its name.

Discovery initiated a reduction in promotion of Discovery+ within the first quarter. Due to Discovery+’s lower marketing costs, the company reported that selling, general, administrative and other expenses fell 25% during this quarter.

Warner Bros. Discovery reported that it had added 2,000,000 Discovery-related streaming subscribers during the quarter, bringing its total to 24 million. This is consistent with 2 million subscribers added to Discovery’s streaming service in the fourth quarter.

Last week, AT&T said HBO and HBO Max had 76.8 million subscribers at the end of the first quarter of 2022. The announcement marked the final time WarnerMedia would be part of AT&T’s earnings report.

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