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Warner Bros. Discovery, which went public in April, missed Wall Street’s expectations in the second quarter as the media giant looks to work through the growing pains of its merger.

Warner Bros. Discovery, which is the $43 billion combination of Discovery and the AT&T spinoff WarnerMedia, trimmed some debt during the quarter and is trying to rein in costs.

The company said that Warner Bros. started some projects before the merger that increased costs after the combination of the businesses was complete.

Earlier this week Warner Bros. sent shock waves through Hollywood when it announced that it axed the “Batgirl” film planned for HBO Max, opting to shelve the $90 million film. Warner Bros. also shelved “Scoob!: Holiday Haunt,” an almost-completed sequel to 2020′s “Scoob!”

Under new Warner Bros. Discovery CEO David Zaslav, Warner Bros. is shifting its strategy on film releases and trimming costs.

The company is planning to merge its HBO Max and Discovery+ streaming services, with a U.S. rollout anticipated for next year. Zaslav, who noted during a call with analysts that “our streaming strategy has evolved over the past year,” said the company is “exploring the opportunity for a fast or free ad-supported streaming offering that would give consumers who do not want to pay a subscription fee access to great library content, while at the same time serving as an entry point to our premium service.”

The New York-based company lost $3.42 billion, or $1.50 per share, in the quarter. Its adjusted loss was 11 cents per share. Analysts surveyed by Zacks Investment Research expected breakeven results.

Revenue for the three months ended June 30 totaled $9.83 billion, below the $11.53 billion that Wall Street was calling for.

Shares tumbled 17% in Friday afternoon trading.

Jonathan Kees of Daiwa Capital Markets America Inc. said in a client note that “management made it a point to comment that the Warner Bros. businesses were worse than they expected and what they saw during the pre-merger review.”

“This is not a good start to the first quarter as a combined company,” he wrote.

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Facebook users may soon be able to create multiple profiles under their accounts

New York (CNN Business)Facebook is testing an option for users to create multiple profiles from a single account, amid a bid by the platform to reignite user growth.

The feature is aimed at helping users "tailor their experience based on interests and relationships," Facebook (FB) spokesperson Leonard Lam told CNN Business in a statement. While Facebook prohibits users from having more than one account, the feature would let them create up to five profiles under their account to engage with different topics or groups of people. This might entail profiles (and thus, Facebook feeds) designed for engaging with close friends versus coworkers, or a profile dedicated to a specific hobby like gaming. Bloomberg first reported the new feature test on Thursday.
    The test comes as Facebook parent company Meta (FB) experiences slowing profit growth and steep competition from rivals like TikTok, which it is battling for users' time and attention. In February, Meta shocked investors by posting a rare stalling in quarterly user growth, a trend that reversed slightly in the first quarter of this year.
      The balance of power is shifting in the tech industryMeta is in the midst of transitioning to a company centered around a future, augmented- and virtual-reality enabled "metaverse," rather than social media. But it needs to keep raking in profits from its existing platforms to fund investments into that vision. The company has recently been working to further integrate Facebook and Instagram — making it easier for users to discover content and engage with communities between both platforms by, for example, showing Instagram Reels in the Facebook feed. Read MoreUsers of the new mulitple-profile feature will be able to create unique names for each profile they make, but will still be subject to Facebook's rules prohibiting misrepresentation and impersonating public figures, according to Lam. People's main profiles must still comply with the platform's rule to use the name they go by regularly. There will also be certain Facebook features, such as Facebook Dating and the ability to create a page, only available to users' main profiles. If a user violates the platform's community guidelines in one profile, their entire account will be subject to disciplinary action.
          "​​Anyone who uses Facebook must continue to follow our rules," Lam said. The company is testing the new feature with users in select countries, according to Lam, although he did not specify where or when the option would be widely available.

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