AMC Networks Posts Softer Q1 Revenue On Advertising And Licensing Slide, But Profit Beats Wall Street Forecasts

deadline.com:

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 $691.7 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 $1.87A 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 revenue decreased 6% to $375