Warner Bros. Discovery loses subscribers after Max launch, but shares rise on debt paydown

EARNINGS: Warner Bros. Discovery reported a net loss of $1.24 billion, or 51 cents per share, and revenue of $10.36 billion for Q2.

Thursday that fell below Wall Street expectations across the board and revealed subscriber totals that were down from the previous quarter.

Customers dropping their Discovery+ subscriptions for Max was likely to blame for the drop in subscribers. Data provider Antenna estimated that Discovery+ cancellations were up about 68% compared to June 2022 due to the switchover to Max.

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