Discovery Tops Wall Street’s Q2 Estimates On Advertising Rebound; Streaming Business Hits 18M Subscribers
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deadline.comAdvertising rebounded strongly in the second quarter, enabling Discovery Communications to easily beat Wall Street’s estimates.Total revenue climbed 21% over the prior-year quarter, reaching $3.06 billion, as earnings per share hit $1.01.
Analysts had expected revenue of $2.97 billion and earnings of 85 cents.Ad revenue in the U.S. rose 12% and the company noted it completed a record-setting upfront process during the quarter, which ended June 30.
Distribution revenue also increased 12%.International ad revenue rocketed 70%, with the UK, Italy, Germany and other markets surging ahead of 2019 levels.Direct-to-consumer streaming, an increasing focus for the company since the launch of Discovery+ at the start of 2021, saw an increase to 17
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