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In the combined first quarter, Warner Bros. Discovery lost 300,000 domestic subscribers but gained 2 million international subscribers — bringing the media and entertainment group’s total to 92.1 million in the second quarter. That number includes HBO Max and Discovery+ subscribers, as well as the HBO app.

In the first quarter, WarnerMedia reported 76.8 million subscribers to HBO or HBO Max in the previous quarter, and Discovery reported 24 million direct-to-consumer subscribers — suggesting that subscribers increased from Q1 to Q2. decline. Although this loss entered the second quarter, hollywood reporter Cowen analysts have previously upgraded Warner Bros. Discovery’s performance to beat its own forecasts since CEO David Zaslav announced a plan to not outpace Netflix or other rivals, reports say.

“Performance will largely depend on CEO David Zaslav’s ability to blend the different cultures of the two companies and navigate his relationship with the Hollywood community,” the Cowen analysts wrote.

However, at the time of writing and shortly after the second-quarter earnings call, Warner Bros. saw a 10% drop from 17.48 to 16.03.

Warner Bros. Discovery hopes to reach 130 million global subscribers by 2025.

Netflix, historically the premier streaming service, has taken some hits this year. In its second-quarter report in July, the company experienced the largest subscriber churn in its history — losing nearly 1 million subscribers in a single quarter.

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