The media company, which owns major television networks ranging from HGTV and TLC to Food Network and the Discovery Channel, reported $3.06 billion in revenue — a 21 percent increase from Discovery’s Q2 results last year. The company surpassed Wall Street expectations; analysts only predicted Discovery to report $2.97 billion in revenue, according to Yahoo Finance data.
Discovery announced its Q2 earnings several months after the company rolled out its Discovery+ streaming service in the United States, which features a $4.99 ad-supported tier and an ad-free $9.99 subscription option. The company’s United States advertising revenue increased 12 percent in Q2, while its international advertising revenue shot up 88 percent. Discovery said it had 18 million direct-to-consumer subscribers and though the company said that the majority of those customers were Discovery+ subscribers, it did not offer a specific breakdown of the statistics.