Discovery Communications (Nasdaq: DISCA) reported earnings on May 8. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Discovery Communications beat expectations on revenue and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue grew significantly and GAAP earnings per share shrank significantly.

Gross margin increased, operating margin increased, and net margin shrank.

Revenue details
Discovery Communications tallied revenue of $1.10 billion. The 22 analysts polled by S&P Capital IQ expected revenue of $1.05 billion on the same basis. GAAP reported sales were 16% higher than the prior-year quarter's $951.0 million.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.57. The 24 earnings estimates compiled by S&P Capital IQ anticipated $0.60 per share. GAAP EPS of $0.57 for Q1 were 23% lower than the prior-year quarter's $0.74 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 71.8%, 50 basis points better than the prior-year quarter. Operating margin was 40.5%, 60 basis points better than the prior-year quarter. Net margin was 20.0%, 1,210 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $1.16 billion. On the bottom line, the average EPS estimate is $0.73.

Next year's average estimate for revenue is $4.54 billion. The average EPS estimate is $2.77.

Investor sentiment
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Discovery Communications is outperform, with an average price target of $49.17.

Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.