Media conglomerate Warner Bros. Discovery reported less-than-stellar advertising revenue during its third financial quarter on Wednesday, causing the company’s shares to sink in turn.
Warner Bros. Discovery reportedly lost $0.17 per share in earnings compared to $0.06 predicted by analysts, while meeting revenue expectations at $9.98 billion.
The company also reported a 12% decline in advertising revenue as well as a loss of 700,000 subscribers to its Max streaming service.
As a result, Warner Bros. Discovery shares slipped 16% Wednesday.
