OK, so Discovery Inc. easily beat analysts’ earnings per share estimates on Thursday, as did its adjusted operating income. There’s a new distribution deal with YouTube TV, too. Yet Discovery shares tumbled 5.3% on nearly double its average trading volume in a volatile session on Wall Street.
There was some solace for the company: In immediate after-hours trading, DISCA was up 14 cents, to $29.40, after ending the day at $29.26.
Volume was 8.71 million shares; normal volume is 4.07 million shares.
Strong revenue from advertising and distribution paced Discovery in Q1, with net income in the quarter of $384 million (53 cents).
When adjusted for non-recurring costs and restructuring costs, earnings per share came in at 87 cents.