What happened

Shares of media company Discovery (NASDAQ:DISCK) (NASDAQ:DISCA) jumped on Thursday, rising more than 11% by the time the market closed.

The stock's gain followed Discovery's strong third quarter, which saw non-GAAP (adjusted) earnings per share exceed analysts' average forecast.

A chart showing a stock price moving higher

Image source: Getty Images.

So what

Discovery reported 3% year-over-year revenue growth to $2.68 billion. This was in line with what analysts were expecting. Non-GAAP EPS for the period was $0.87, up from $0.79 in the year-ago quarter and ahead of a consensus analyst estimate for $0.82.

"Discovery once again delivered strong financial results across our portfolio, generating healthy revenue growth in the U.S. and internationally, and significant operational efficiencies from our ongoing transformation efforts," said CEO David Zaslav in the third-quarter earnings release.

Notably, Discovery repurchased nearly 12 million Series C shares during the quarter for a total of $300 million at an average price of $25.93.

Now what

In Discovery's earnings call, Zaslav was upbeat about the company's positioning and potential: "We have great assets, resources, IP, and an adept management team with local knowledge and infrastructure that are well equipped to succeed across the ecosystem. We are super-excited about the direction and opportunities ahead."