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SILVER SPRING, Md. (AP) _ Discovery Communications Inc. (DISCA) on Wednesday reported first-quarter net income of $377 million.
On a per-share basis, the Silver Spring, Maryland-based company said it had net income of 55 cents. Earnings, adjusted for amortization costs and non-recurring costs, were 87 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The operator of cable TV channels such as TLC and Animal Planet posted revenue of $2.68 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $2.73 billion.
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Discovery shares have fallen 35% since the beginning of the year, while the Standard & Poor’s 500 index has fallen 11%. The stock has fallen 27% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DISCA at https://www.zacks.com/ap/DISCA
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