SILVER SPRING — Discovery Communications Inc., of Silver Spring, reported third-quarter earnings that beat Wall Street expectations, but the media company cut its revenue forecast for the year and its shares tumbled.
The operator of cable TV channels such as TLC and Animal Planet reported net income of $280 million. On a per-share basis, it had net income of 41 cents. Earnings, adjusted for amortization costs, were 46 cents per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
It posted revenue of $1.57 billion in the period, falling short of Street forecasts. Analysts expected $1.59 billion, according to Zacks.
Discovery said it now expects full-year revenue in the range of $6.3 billion to $6.35 billion, down from its previous forecast for revenue between $6.45 billion and $6.53 billion. Analysts had been expecting $6.41 billion, according to FactSet.
Shares of Discovery fell $2.88, or 8 percent, to $32.79 in afternoon trading.