On Tuesday, Discovery Communications, Inc. (NASDAQ: DISCA) announced it financial results for the quarter ended March 31, 2017.
According to the company, total revenue increased form $1.56 billion to $1.61 billion during the quarter ended March 31, 2017, but was below the expectations of $1.63 billion. Net income was down from $263 million, or $0.42 per share to $215 million, or $0.37 per share in the first quarter. Adjusted earnings per share was $0.41, which was below estimates of $0.50 per share.
The company said that its media sector was hit by softer advertising revenues and fear of cord-cutting across the board. In addition, the company reported that it also repurchased $200 million stocks.
“Improved ratings across many of Discovery’s key distinctive programs and brands, coupled with strong global distribution growth, led to solid organic growth in the first quarter,” David Zaslav, the President and CEO of the company, said in the statement.
“Beyond our linear business, we continue to focus on new strategic partnerships and investments to help drive our multiplatform growth strategy and ensure that we reach our global superfans on every screen,” he said.