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Discovery says 2Q profit up 43 percent
Discovery says 2Q profit up 43 percent
Listen to this articleSILVER SPRING — Discovery Communications, the company behind TLC, Animal Planet and other cable TV channels, said Tuesday that its second-quarter proft jumped 43 percent on the strength of its U.S. business.
Shares of Discovery rose 5 percent in midday trading.
The company said revenue from its U.S. networks rose 7 percent, that’s to rising distribution and advertising revenue. At its international channels, which include Eurosport and the Living Channel, revenue slipped 1 percent.
Discovery reported net income of $408 million, or 66 cents per share, in the three months ending June 30, compared with $286 million, or 44 cents per share, in the same quarter a year ago. That’s above the 57 cents per share that Wall Street analysts expected, according to FactSet.
Silver Spring-based company said revenue rose more than 3 percent to $1.71 billion in the period, in line with what analysts expected, according to FactSet.
Class A shares of Discovery Communications Inc. rose $1.27, or 5.1 percent, to $26.04 in midday trading. They are down 21 percent over the past year.
