Warner Bros. Discovery Stock Tumbles as Cord-Cutting Fuels $10B Quarterly Loss

KEY TAKEAWAYS Warner Bros. Discovery shares plunged Thursday after the entertainment company recorded an almost $10 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 $9.99 billion while its revenue of $9.71 billion also trailed analysts' e ...