updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Due to its commendable Q1 2023 streaming numbers, Warner Bros. Discovery expects its streaming business to stay profitable this year.
On Friday, May 5, Warner Bros Discovery (NASDAQ: WBD) reported its Q1 2023 earnings before the bell that came in mixed. For instance, the media and entertainment giant reported a significant overall loss despite raking in profit from its streaming endeavors. Warner Bros. Discovery lost $930 million in quarterly free cash flow even though its direct-to-consumer segment realized a $50 million profit for the same period.
Following its streaming success, the New York-based company expects its streaming business to remain profitable in 2023. This forecast comes in a year ahead of expectations.
For Q1 2023, Warner Bros. Discovery raked in a revenue haul of $10.7 billion compared to the consensus estimate of $10.78 billion. In addition, the multinational mass media and entertainment conglomerate also sustained a loss per share of 44 cents versus 1 cent expected. Warner Bros. Discovery’s net loss for the first quarter came in at $1.1 billion, with an adjusted EBITDA of $2.6 billion.
In an earnings release, Warner Bros. Discovery President and Chief Executive Officer David Zaslav commented on the quarterly outing, saying:
“It is an important time for Warner Bros. Discovery. We’ve come through some major restructurings and have repositioned our businesses with greater precision and focus. And we see a number of positive proof points emerging, with DTC perhaps the most prominent.”
According to the CEO, the company’s “meaningful turn this quarter with $50 million in segment EBITDA and 1.6 million net adds” puts it on the right trajectory.
Zaslav concluded by saying:
“Even in today’s challenging marketplace, we are positioned to drive free cash flow and deleverage our balance sheet, and we remain confident in our ability and strategy to attain our financial targets.”
Warner Bros. Discovery is scheduled for a conference call today at 8:00 a.m. ET to discuss its quarterly results.
Warner Bros. Discovery executives took pride in the entertainment giant’s ability to reverse losses in its streaming operations. Like several media powerhouses, the company has switched its focus to streaming video following the increasing subscription cancellation of traditional pay TV. The media company ended Q1 with 97.6 million streaming subscribers. This number represents a sizable increase of 1.6 million subscribers from the preceding quarter.
Despite a fiercely competitive streaming space, Warner Bros. Discovery hopes to keep thriving for the foreseeable future. The company currently ties with the likes of Netflix (NASDAQ: NFLX), Disney (NYSE: DIS), and Apple (NASDAQ: AAPL) for streaming subscribers.
Warner Bros. Discovery is onboarding Discovery+ content to HBO Max and relaunching the streamer as Max in the US later in the month. Zaslav has slashed content spending to spur efforts to make Warner Bros. Discovery’s streaming business profitable. The CEO’s cost-cutting measures include pulling dozens of films and television series from HBO Max. According to a spokesperson for the streaming platform, most of the affected shows are reality or kids and family content that did not resonate with large audiences.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The Nansen CEO was rereferring to a prediction about Cardano’s ADA token that he made back in March
Alex Svanevik, founder and CEO of blockchain analytics platform Nansen, recently took to Twitter with a pointed jab aimed at Cardano’s native cryptocurrency. He tweeted the following: “Cardano bros never thanked me for this.”
The “this” Svanevik was referring to was a prediction that he had made back in March, stating “Last chance to sell ADA above $30B market cap.”
It seems Svanevik has been proven correct, as ADA has seen an awful year price performance-wise. The cryptocurrency is down an astounding 91.67% from its all-time high. Moreover, it is down 81% on a year-to-date basis – more than even meme coin Shiba Inu (77%).
Although ADA saw an initial short-term boost in the run-up to the Vasil hard fork back in September, it has so far failed to gain any traction since then. Despite its terrible performance, ADA remains among the top 10 biggest cryptocurrencies by market cap with a valuation of roughly $9 billion.
Svanevik’s foresight might have saved some investors from massive losses this year, but there doesn’t seem to be much cause for optimism for those still holding onto their ADA coins heading into 2023. With the industry still reeling from the FTX collapse and the U.S. Federal Reserve not backing away from its hawkish monetary policy, market sentiment remains extremely bearish.
As reported by U.Today, cryptocurrency veteran Bobby Lee predicted that another crypto bull market cycle wouldn’t start until 2025.
Svanevik’s jab against ADA is not surprising since he is a supporter of Ethereum, a major Cardano competitor. The Ether cryptocurrency is down 75.14% from its all-time high.
Dogecoin DOGE co-creator Billy Markus is filled with joy even when he sees tips in the meme coin “flying around” on Twitter Inc’s TWTR platform even during what he called “this super down depressing market.”
Markus tweeted, “seeing [Dogecoin] tips flying around twitter, even during this super down depressing market, fills me with much joy.”
seeing #dogecoin tips flying around twitter, even during this super down depressing market, fills me with much joy
— Shibetoshi Nakamoto (@BillyM2k) May 12, 2022
See Also: How To Get Free Crypto
Markus commented on Thursday’s cryptocurrency crash in a string of tweets and laid the blame on “tech bro hubris” and “degenerate gamblers.”
“Tech bros operate in a bubble,” Markus said, “They all read the same game theory book and think they understand everything about human nature.”
“They don’t know how humans really behave outside of their bubble when they design things.”
Markus took a dig at Terra (LUNA) co-creator Do Kwon and called him “tech bro of all tech bros.”
here’s the tech bro of all tech bros responding to someone mentioning an attack vector https://t.co/yk7xj5ckjG
— Shibetoshi Nakamoto (@BillyM2k) May 13, 2022
The Dogecoin co-creator said he gets “triggered” each time he reads about Terra USD (UST) and LUNA.
sorry, just every time i read more about UST and LUNA i get more triggered
like, it’s quite literally the stupidest thing i have ever seen in my life
— Shibetoshi Nakamoto (@BillyM2k) May 13, 2022
“It’s quite literally the stupidest thing i have ever seen in my life,” said Markus, in the Twitter thread.
Markus told his 1.5 million Twitter followers that the problem is that people think cryptocurrency folks act like a “bunch of smug assholes.” His solution was that if “ you’re into cryptocurrency, instead of acting like a smug asshole, don’t.”
the problem: people think crypto people act like a bunch of smug assholes
reason: because a whole hell of a lot of crypto people act like smug assholes
solution: if you’re into cryptocurrency, instead of acting like a smug asshole, don’t
— Shibetoshi Nakamoto (@BillyM2k) May 13, 2022
Price Action: At press time, over 24 hours, DOGE traded 7.4% higher at $0.09, according to data from Benzinga Pro.
Read Next: Whaattt…Do Spies Really Use Dogecoin In This World?
Billy Markus, co-creator of Dogecoin DOGE/USD, believes that the latest cryptocurrency catastrophe is reason enough to lose faith in “crypto bros.”
What Happened: On Monday, Markus shared a series of tweets by Aztec Network’s Jonathan Wu explaining the drama surrounding the Terra LUNA/USD ecosystem.
read this thread to lose faith in crypto bros please https://t.co/37hl3eGp7P
— Shibetoshi Nakamoto (@BillyM2k) May 10, 2022
Wu noted that the stabilizing mechanism between Terra’s stablecoin TerraUSD UST/USD and LUNA had been displaced thanks to the “magical chaos of algorithmic stables” and some amount of Bitcoin BTC/USD systematic risk.
As the price of LUNA crashed to $28.03 earlier today, its market cap fell below UST’s $14 billion. According to Wu, the most concerning part about this is the average redemption price of LUNA for UST exceeding LUNA’s current price in the market.
Let me slow that one down:
– $LUNA price high
– $LUNA burned, many $UST minted
– $LUNA‘s price fall
– $UST redeemed for many $LUNAThat is bad mmkay?
— jonwu.eth (@jonwu_) May 9, 2022
Now, Bitcoin is being driven lower due to macro and (ironically) expectations that LFG will be forced Bitcoin sellers due to $UST peg pressure.
Any redemptions of $UST -> $BTC now will essentially be booked losses for LFG, when they could have just sat on stables instead.
— jonwu.eth (@jonwu_) May 9, 2022
Wu summarized the past few days’ events by concluding that UST is “100 magic dollars backed by 20 bitcorns and 80 magic beans.”
tl;dr$UST is 100 magic dollars backed by 20 bitcorns and 80 magic beans, but some people don’t think it’s worth 100 real dollars, so LFG is selling bitcorns to buy more magic dollars to convince people they’re worth 100 real dollars, all so the magic bean holders don’t get sad
— jonwu.eth (@jonwu_) May 9, 2022
Price Action: According to data from Benzinga Pro, LUNA was trading at $24.17, down 60% over 24 hours.