Warner Bros. Discovery sinks after taking massive $9.1 billion impairment charge on its cable business

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Warner Bros. Discovery will report second quarter earnings after the bell. Here's what to know.

) reported second quarter earnings after the bell on Wednesday that missed expectations on both the top and bottom lines while the company took a massive $9.1 billion impairment charge related to its TV networks unit. Including an additional $2.1 billion in costs related to its merger, the company took an $11.2 billion hit on its balance sheet last quarter.

Free cash flow, which served as a bright spot in the first quarter, bucked that trend this time around. The metric dropped 43% year over year to $976 million and also missed Bloomberg consensus expectations of $1.2 billion.The company's direct-to-consumer streaming business served as a bright spot in the quarter. It added 3.6 million Max subscribers amid the debut of "House of the Dragon" season 2. This was ahead of Bloomberg consensus expectations of 1.

That pressured second quarter EBITDA with full-year adjusted EBITDA now at risk of falling below $10 billion, according to the latest Bloomberg estimates. That's $4 billion below what analysts had expectedWarner Bros.

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