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Shares of John Malone’s Liberty Media Interactive (NASDAQ:LINTA), owner of “QVC,” are up sharply Friday morning after the company beat Q2 expectations for revenue and operating profit.

Revenue fell, year over year, to $1.9 billion the company reported, yielding adjusted Ebitda of $412 million. Still, that was ahead of the $1.834 billion and $345 million average estimate of analysts.

Revenue at QVC, which is most of the business, fell 4% to $1.7 billion, though that was an improvement from prior quarters, said QVC president and CEO Mike George. CEO Greg Maffei described the company's results from its Starz network film programming as “strong.” The company paid down $1.94 billion of debt below face value, to end the quarter with $4.7 billion in cash and equivalents and $7.2 billion in debt.

The company did not repurchase any shares during the quarter, and said it still had $1.86 billion left in its various repurchase authorizations.

Malone’s Liberty Media Group has two other tracking stocks, Liberty Capital (LCAPA) and Liberty Media Entertainment (LMDIA). For reasons of how they share various assets’ proceeds, including revenue from minority interests in Sprint (NYSE:S) and DirecTV (NASDAQ:DTV), the stocks have taken somewhat different directions from LINTA, rising 3% in LCAPA’s case and falling fractionally in the case of LMDIA.

Liberty Media shares were up 70 cents, or 9.4%, at $8.12 in early morning trading.

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Source: Liberty Media Jumps as Q2 Sales, Ebitda Beat