AMC Networks reported a 6% downturn in revenue during the first quarter due to a slump in advertising and content licensing, but earnings per share beat Wall Street forecasts. Total revenue of $691…
Total revenue of $691.7 million fell from $734.4 million in the year-earlier period, missing analysts’ consensus estimate of $722.3 million.
Earnings per share, though, topped the Street at $2.02, or $2.98 on an adjusted basis. Analysts on average were expecting $1.87 A dropoff in advertising hurt the results, with ad revenues decreasing 7% to $199 million. The company blamed “shifts in the timing of the airing of original programming” and lower delivery. Higher pricing and ad-supported streaming growth helped offset the declines.
Distribution revenues decreased 6% to $375 million, while content licensing revenues plunged 54%. The licensing line was hit by the timing and availability of originalSubscription revenues proved a bright spot, increasing 14% on growth in streaming revenue. Also in the quarter, the company changed the way it reports financial results. Reflecting its new emphasis on streaming, it put its streaming services and IFC Films, which were previously in the International and Other division, in Domestic Operations.
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