Discovery Inc. DISCA, -4.01% reported second-quarter earnings that missed expectations but revenue that beat, boosted by a doubling in U.S. networks. The stock was still inactive in premarket trade. Net income fell to $216 million, or 30 cents a share, from $374 million, or 64 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 66 cents, while the FactSet consensus was for 83 cents. Revenue rose to $2.85 billion from $1.75 billion. U.S. networks revenue grew to $1.78 billion from $890 billion, topping the FactSet consensus of $1.76 billion, while international networks revenue rose 30% to $1.05 billion but was just shy of expectations of $1.07 billion. Excluding transactions, U.S. networks revenue would have declined 1%, as lower program and merchandising sales offset steady distribution and advertising revenue. The media and entertainment company's stock has run up 15% over the past three months while the S&P 500 SPX, +0.40% has gained 6.7%.
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