UPDATE: Discovery Communications Posts Decline In Q1 Profit

Discovery Communications Inc

reported a drop in its first-quarter profit. Discovery's quarterly net income declined to $222 million, or $0.57 per share, versus $305 million, or $0.74 per share, in the year-ago period. Its revenue surged 16% to around $1.10 billion. Discovery Communications shares closed at $54.08 yesterday.