The cable and streaming programmer posted earnings per share of $1.85, which was down from $2.09 a year ago but still ahead of Wall Street analysts’ consensus estimate. Revenue, though, did not clear the bar, falling nearly 7% to $637 million.
Advertising revenue came in at $147 million, with the earnings release blaming the drop on “anticipated linear ratings declines, a challenging ad market and fewer original programming episodes within the quarter.”
Affiliate revenue decreased 13%, with the company blaming basic subscriber declines and a 3% hit to revenue from a strategic non-renewal with a distributor at the end of 2022.
Streaming provided somewhat of a bright spot, but growth was muted. AMC Networks operates a portfolio of niche services, so it is playing a different game than larger media rivals backing general entertainment streamers, but nevertheless the road is challenging. Revenue in streaming increased 9% to $142 million and the overall tally of subscribers rose 4% from a year ago to 11.1 million, though the growth was just 1% from the second quarter.
MORE to come …