Warner Bros. Discovery Stock Tumbles as Cord-Cutting Fuels $10B Quarterly Loss
WBDWarner Bros. Discovery(WBD) Investopedia·2024-08-08 21:41

KEY TAKEAWAYSWarner Bros. Discovery shares plunged Thursday after the entertainment company recorded an almost 10billionsecond−quarterloss,hitbya write−down inthevalueofitscablenetworks.Thecompanyposteda10 billion second-quarter loss, hit by a write-down in the value of its cable networks.The company posted a 9.1 billion non-cash goodwill impairment charge from its cable networks segment, as CNN and TNT, among others, continue to be hit by streaming giants like Netflix.The company posted a wider-than-forecast Q2 loss of 9.99billionwhileitsrevenueof9.99 billion while its revenue of 9.71 billion also trailed analysts' esti ...