Warner Bros. Discovery Inc.'s shares tumbled over 11% during Thursday's premarket trading as the media and entertainment company failed to meet Wall Street's estimates for its second quarter of 2024 and unveiled a $9.1 billion write-down of the value of its cable-TV networks.
The American entertainment giant's revenue of $9.71 billion for the trimester came in below analysts' estimates, which forecast $10.07 billion. The company's net loss came in at $10.02 billion and its diluted losses per share went from $0.51 year-on-year to $4.07 in the second trimester of this year.
The company's stock plunged 11.80% at 4:59 am ET, going for $6.80 apiece.
