Shares of
AMC Networks
were trading lower after the television broadcasting and production company reported a sharp fall in revenue following a decline in subscribers.
AMC Networks,
which produces ”The Walking Dead,” reported fourth-quarter net revenue of $678.9 million, edging past Wall Street’s call for $676 million, but falling 30% from the year-ago quarter. Within its domestic operations segment, subscription revenue fell 8% to $327 million “due to declines in the linear subscriber universe, partially offset by streaming revenue growth,” the company said.
AMC reported a fourth-quarter loss of 50 cents a share, much narrower than the year-earlier loss of $6.11 a share. Adjusted earnings were 72 cents a share, beating Wall Street estimates of 68 cents but sliding from the $2.52 recorded last year.
It’s been a tough several months for the entertainment sphere, as it battled through writer and actor strikes and an ongoing shift from traditional television to streaming services.
Shares of AMC Networks were sliding 19.1% to $13.79 on Friday, putting them on track for their largest decrease since Jan. 27, 2021, when they dropped 19.3%, according to Dow Jones Market Data.
Netflix
stock was up 0.6%, while
Walt Disney
shares fell 1.3%. Disney issued a strong earnings report earlier this week.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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