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NEW YORK - Lionsgate Studios Corp. (NASDAQ:LION) shares jumped 10.84% in premarket trading on Friday after the entertainment company reported better-than-expected fourth quarter revenue.
The studio business, which includes motion picture and television production segments, posted revenue of $713.8 million, up 3% from $691.6 million in the same quarter last year. This topped analyst estimates, driving the positive market reaction.
Studio Adjusted OIBDA, a key profitability metric, surged 45% to $112.0 million compared to $77.4 million in the prior year quarter.
"I’m pleased to report a strong quarter in which our businesses performed well in a challenging environment," said Lionsgate and Lionsgate Studios CEO Jon Feltheimer.
The company’s motion picture segment revenue decreased to $309.2 million, while television production revenue rose 63% to $404.6 million. Growth in television was driven by an increase in episodic deliveries, licensing of library content and recovery from last year’s industry strikes.
Lionsgate Studios’ trailing 12-month library revenue grew 22% YoY to a record $954 million, highlighting the strength of its content catalog.
The company reported adjusted net income of $62.8 million or $0.22 per share for the quarter.
With the strong quarterly performance and positive market response, Lionsgate Studios appears well-positioned as it approaches the planned separation of its studio and STARZ businesses. The stock’s double-digit percentage gain reflects investor optimism about the company’s outlook.
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