Caesars Entertainment misses Q2 earnings expectations, shares edge lower
NEW YORK - On Friday, AMC Networks Inc. (NASDAQ:AMCX) reported first quarter earnings that fell short of analyst expectations as revenue declined amid ongoing challenges in its linear TV business.
The company’s stock was unchanged in pre-market trading following the earnings release.
The media company posted adjusted earnings per share of $0.52, missing the analyst consensus estimate of $0.79. Revenue for the quarter came in at $555.2 million, below the $573.1 million analysts were expecting and down 6.9% year-over-year.
"We continue to execute on our core strengths as we navigate the changing world of media," said CEO Kristin Dolan.
Domestic operations revenue decreased 7.2% to $486.3 million, driven by declines in affiliate and advertising revenue. Streaming revenue grew 8% to $157 million, helped by price increases across AMC’s services. However, streaming subscribers of 10.2 million were flat compared to the prior year.
International revenue fell 7.5% to $69.9 million, primarily due to the non-renewal of a distribution agreement in Spain.
The company generated free cash flow of $94.2 million in the quarter.
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