Warner Bros. Discovery posts upbeat Max subscriber growth, sending stock higher

Warner Bros. Discovery made profit progress in its streaming business during the latest quarter, despite pressures related to broadcasting the Olympics in Europe.

Direct-to-consumer segment posted adjusted earnings before interest, taxes, depreciation and amortization of $289 million in the third quarter, up from $111 million a year before. The segment, which includes HBO, Max and Discovery+, also saw revenue rise 8% to $2.63 billion. That growth amounted to 9% on a currency-neutral basis.

Max added a net of 7.2 million global direct-to-consumer subscribers relative to the second quarter, bringing its total to 110.5 million. WBD said this was the “strongest quarterly gain since the platform’s launch.”

Analysts were expecting 109.5 million subscribers for the end of the quarter. The stock is up 2.5% in Thursday’s premarket action.