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AMC Networks: Quarterly earnings and revenue beat estimates

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AMC Networks: Quarterly earnings and revenue beat estimates

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.

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.

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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