Qurate Retail Q2 Result Tops Estimates - Qurate Retail (NASDAQ:QRTEA)

Qurate Retail Inc QRTEA reported second-quarter FY21 revenue growth of 2% year-on-year, to $3.504 billion, beating the analyst consensus of $3.38 billion. In constant currency, revenue increased by 1%.
QxH revenue decreased 1%, QVC International revenue gained 11%, Zulily revenue declined 6%, and Cornerstone revenue rose 18%.
The operating margin was 12.4%, and operating income for the quarter rose 6.9% to $433 million.
The company held $950 million in cash and equivalents as of June 30, 2021.
Net cash provided by operating activities for the six months amounted to $702 million.
Adjusted OIBDA rose 3% to $581 million.
Adjusted EPS of $0.54 beat the analyst consensus of $0.50.
In August 2021, Qurate Retail’s Board increased the repurchase authorization by $500 million, and the total remaining repurchase authorization (pro forma for the expanded approval) as of August 1, 2021, is $780 million.
Price action: QRTEA shares traded lower by 2.77% at $11.415 on the last check Friday.