Discovery's Second-Quarter Revenue Loss Led by Drop in Advertising Revenue
Entertainment company Discovery (NASDAQ: DISCA) (NASDAQ: DISCB) (NASDAQ: DISCK) reported a 12% drop in total revenue in the second quarter. The parent company of cable networks such as Discovery Channel, Food Network, Travel Channel, and Animal Planet said the drop was led by a decrease in advertising revenue in both the U.S. and international networks.
The company reported a jump in free cash flow to $879 million from $596 million in the year-ago period. Though it didn't repurchase any shares during the quarter, it said it will resume buying back stock this month under a $2 billion authorization plan that was announced in February 2020.
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Source Fool.com
