05:03 PM EDT, 08/07/2024 (MT Newswires) -- Warner Bros. Discovery ( WBD ) late Wednesday posted a second-quarter loss amid a $9.1 billion goodwill impairment charge while the media and entertainment giant's revenue fell below Wall Street's estimates.

The company's per-share net loss grew to $4.07 for the June quarter from $0.51 the year before. Revenue declined 6% year-over-year to $9.71 billion, trailing the Street's view for $10.07 billion.

Warner Bros. Discovery's ( WBD ) shares were down 7.9% in after-hours trading.

The $9.1 billion impairment charge was recorded for the networks segment, reflecting factors including weakness in the US linear advertising market and uncertainty related to affiliate and sports rights renewals, including the National Basketball Association, according to the company. In addition, Warner Bros. Discovery ( WBD ) reported $2.1 billion in pre-tax amortization and restructuring expenses.

Distribution revenue declined to $4.88 billion from $5.14 billion, while advertising fell to $2.43 billion from $2.52 billion. Content sales slipped to $2.11 billion from $2.45 billion.

Warner Bros., which operates the Max streaming service, saw direct-to-consumer revenue fall 6% year-over-year to $2.57 billion. Global subscribers rose to 103.3 million from 96.6 million a year earlier, weighed down by a decline in the US and Canada.

"In light of industry headwinds, we have and will continue taking bold steps, like reimagining our existing linear partnerships and pursuing new bundling opportunities, with the goal to get Max on the devices of more consumers faster and at a fraction of the acquisition cost," Chief Executive David Zaslav said in a statement.

Studios revenue fell 5% to $2.45 billion, driven by double-digit declines in television and games, while sales at the networks division slid 8% to $5.27 billion.

Price: 7.10, Change: -0.61, Percent Change: -7.91