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Discovery Reports Q2 Earnings Miss

Tanzeel Akhtar

Discovery Communications (NASDAQ: DISCA) reported second-quarter earnings of 98 cents per share versus the analyst consensus estimate of $1.05. This is a 27.27% increase over earnings of 77 cents per share from the same period last year. However, adjusted earnings came in at $1.61 per share.

The company reported quarterly sales of $2.885 billion, which missed the analyst consensus estimate of $2.89 billion by 0.17%. This is a 1.41% increase over sales of $2.845 billion the same period last year.

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"We delivered another quarter of strong operating and financial performance, with the benefits of the Scripps Networks acquisition flowing through all areas of our global business, while also accelerating our pivot to digital and direct-to-consumer offerings with IP that powers people's passions," said CEO David Zaslav. "With an exceptional team in place, strong top-line performance and a healthy balance sheet, we are confident in our ability to continue executing on our strategic priorities to drive long-term growth and shareholder value."

Discovery shares closed Monday at $29.18. The stock has a 52-week high of $34.89 and a 52-week low of $23.79.

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