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Author: Alan LittleDate: 2021-02-23

Discovery (DISCA) +10% as new streaming service thrives

Discovery Communications (DISCA) followed Roku’s (ROKU) lead by posting Q4 beats and strong subscriber numbers for its fledgling streaming service on Monday, as its shares spiked 10% on the Nasdaq. 


Discovery, a mass media company specialising in factual programming, said that adjusted earnings came in at $0.76 per share, which was four cents higher than pre-report expectations but 22.5% lower than a year ago.  


Group revenues for the three months to 31st December were also just above the consensus at $2.886bn and unchanged from Q4 2019. 


One notable area of growth was the new Discovery+ streaming service that only launched around six weeks ago, which is expected to have in excess of 12m subscribers by the beginning of March. 


In an official statement, CEO David Zaslav hailed his company’s resilience and creativity following a challenging 2020.  


He added: We finished with strong operating momentum and great command and control across our global businesses, uniquely positioning us to balance our core and next generation businesses. 


Zaslav noted that strong uptake for its streaming service has been driven by its investment in quality content and brands that appeal to a wide audience.  


Following the strong report, Discovery shares raced higher on Monday, climbing 9.51% to $55.62 at around midday ET. 


Discovery’s showing follows on from Roku, which smashed Q4 forecasts on Friday, received upgrades from analysts and closed the session higher.  


DISH Network (DISH), a satellite TV provider, was also making gains on Monday following its own Q4 beats. 


DISH said that earnings surged 80% year over year to $1.24 per share, which was 49 cents up on the consensus, while revenues jumped 41% to $4.56bn versus the $4.4bn estimates. 





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