05:31 AM EDT, 08/08/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph, and details behind the net loss in the second paragraph.)

Warner Bros. Discovery's ( WBD ) shares were 12% lower in premarket activity Thursday after the company overnight reported a surprise widening in its net loss and sales sank more than forecast in Q2.

The company reported a Q2 net loss late Wednesday of $4.07 per diluted share, widening from a $0.51 per share loss a year earlier. The company said the net loss includes a $9.1 billion non-cash goodwill

impairment charge from the networks segment and $2.1 billion of pre-tax acquisition-related amortization.

Analysts polled by Capital IQ expected a loss of $0.19 per share.

Total revenue for the quarter ended June 30 was $9.71 billion, down from $10.36 billion a year earlier.

Analysts surveyed by Capital IQ expected $10.07 billion.

Price: 6.86, Change: -0.85, Percent Change: -12.03