DISCB - Discovery gains 2% as ad rebound streaming lead it to top expectations

Discovery (NASDAQ:DISCA) is 1.7% higher after edging expectations this morning with its third-quarter earnings, thanks to higher ad and distribution revenues. Overall, revenues rose 23% to a better-than-expected $3.15 billion. Available net income fell to $156 million from a year-ago $300 million as total costs and expenses rose 39%. Total adjusted OIBDA fell 24% to $726 million; it ticked up 1% in the U.S. but slid to a loss of $79 million internationally from a year-ago gain of $127 million. In the U.S., ad revenues rose 5% and distribution revenues went up 21%. Internationally it was the opposite story: Advertising revenues rose 28% (up 26% in constant currency) and distribution rose 7% (6% ex-foreign exchange). Distribution revenues rose broadly due to the presence of streaming service Discovery+. CEO David Zaslav was quick to point to direct-to-consumer success, noting the company grew to 20 million paid subscribers, up from 17 million

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Discovery gains 2% as ad rebound, streaming lead it to top expectations