Discovery Inc (NASDAQ:DISCA) saw its shares dive after the company reported fourth-quarter FY21 revenue growth of 10% year-on-year to $3.19 billion, beating the consensus of $3.12 billion.
The company ended Q4 with 22 million Direct-to-Consumer Subscribers and generated nearly $450 million of Next Generation Revenues.
Total U.S. Networks revenues increased 14% Y/Y to $2.03 billion. Total International Networks revenues increased 5% Y/Y to $1.16 billion.
U.S. advertising revenues increased 5% due to higher pricing the continued monetization of content offerings. The distribution revenues increased 17% Y/Y, driven by the growth of discovery+ and increases in contractual affiliate rates.
International advertising revenues increased 10%. The distribution revenues increased 2% due to the growth of discovery+.
EPS of $0.08 declined from $0.42 last year.
Discovery generated $884 million in operating cash flow with $784 million in free cash flow and held $3.9 billion in cash and equivalents.
DISCA shares traded lower by $2.43, or 8.6% at $25.78 early Thursday.