Warner Bros. Discovery had a terrible quarter

American media company Warner Bros. Discovery (created as a result of the merger of WarnerMedia and Discovery Inc.) in the second quarter of the year received a net loss, and revenue was much worse than expected. 

The company's net loss in the period from April to June amounted to $3.418 billion (or $1.5 per share). For the same period last year, the company made a net profit of $672 million (or $1.01 per share). 

Revenue soared to $9.827 billion from $3.062 billion a year earlier. Analysts on average predicted that the company would make a profit of 12 cents per share on revenue of $11.83 billion.

The company's stock prices at auction on Thursday fell by 11.6% after the publication of fresh reports. In total, over the past three months, the company's market value has decreased by 1.5% (to $40.55 billion).

The number of subscribers of the streaming service Warner Bros. Discovery reached 92.1 million compared to 90.4 million three months earlier. At the moment, the company is exploring the possibility of launching a free streaming service that will work on the funds received from advertising to attract more customers to the platform.