This weekend's take at the U.S. movie theater box office dipped, but that hardly daunted Warner Bros. Discovery (WBD -4.57%) bulls. Shares of the sprawling entertainment company, recently hived off from telecom giant AT&T, were rising by more than 3% in late afternoon trading. That was thanks to the performance of the company's latest tentpole film release.
The latest in a very long line of hits for Warner's near-eponymous film unit, Warner Bros. Entertainment, DC League of Super-Pets was top dog in American theaters this past weekend in its theatrical debut. It took the prize by earning $23 million in ticket sales, averaging $5,331 per screen. It also notably eclipsed the performance of the No. 2 movie, the UFO thriller Nope, although the latter film is now in its second week of release.
To be fair, the media giant did have the advantage of releasing Super-Pets on a fairly light weekend. Only a handful of other films premiered on Friday, and none have the star power or marketing push enjoyed by the Warner title. Super-Pets is an animated, kid-friendly film featuring appearances by popular superheroes and a lead character voiced by enduringly popular actor Dwayne "The Rock" Johnson.
Super-Pets indisputably had a successful weekend, so kudos to Warner for its performance; investors are right to be cheered by this. Overall, however, the weekend's box-office figures weren't especially inspiring -- the total gross of all films in the U.S. fell by nearly 25% over the previous weekend, and at a bit over $93 million was well below the banner July 4th three-day frame.