AMC Networks: Quarterly earnings and revenue beat estimates

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AMC Networks reported second-quarter earnings and revenue that fell short of estimates, while streaming subscriber growth was higher than expected while full-year estimates were confirmed.

The television network company also announced that, effective September 9, current CFO Christina Spade will take over as CEO, succeeding Matt Blank.

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Net income more than doubled to $153.2 million, or $1.91 a share, from $68.3 million, or 83 cents a share, a year ago.

Stripping out one-time items, adjusted earnings per share fell to $2.06 from $3.45, missing estimates of $2.31.

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Revenue fell 4.3% to $738 million, missing estimates of $774.3 million.

Streaming subscribers rose 1.3 million, “higher than our estimates,” or 46% to 10.8 million.

Source: Capital

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