Warner Bros. Discovery posted a wider first-quarter loss than Wall Street was expecting on Thursday, as revenue for the media conglomerate’s studio division nosedived. Shares initially tumbled in early trading then rebounded to trade 2.

Warner Bros Discovery missed first-quarter revenue estimates on Thursday, weighed down by a lack of big box office hits from its studios and weakness in its traditional TV business as consumers continued to abandon cable for streaming.

Max and Discovery+ now have more than 122 million subscribers, the company says, beating Wall Street expectations in most categories.