Warner Bros. Q1 Operating Profit Declines 55%

With studio operations shuttered for nearly a third of the quarter due to the coronavirus pandemic, Warner Bros. April 22 reported operating income of $249 million, down about 55% from operating income of $547 million in the previous-year period. Revenue from theatrical product dropped almost 27% to $1.1 billion, from $1.5 billion last year.

Television content revenue increased 9% to $1.77 billion from $1.6 billion. Home entertainment and video games saw revenue drop less than 10% to $365 million from $399 million during the previous-year period.

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Oscar-winning Joker remains the studio’s top-selling packaged media of the year.

Warner, like other studios, has pushed back release of tentpole titles such as Wonder Woman 1984 to later this year or into 2021.

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