UPDATE: Discovery Q3 Profit Surges 24%

Discovery Communications

reported a 24% rise in its third-quarter profit. Discovery's quarterly profit surged to $255 million, or $0.71 per share, from a year-ago profit of $205 million, or $0.55 per share. Excluding special items, it earned $0.80 per share. Its revenue climbed 28% to $1.38 billion. However, analysts were projecting earnings of $0.72 per share on revenue of $1.39 billion. Discovery's revenue from US networks gained 10% to $733 million, while advertising revenue rose 12%. Discovery shares closed at $84.36 yesterday.