AMC Networks Q2 Earnings Miss Wall Street Forecasts As Linear TV Challenges Once Again Hit Media Results
deadline.comWhile it wasn’t quite the dramatic setbacks of Paramount Global and Warner Bros. Discovery this week, AMC Networks posted second-quarter financial results illustrating the perils of operating linear TV networks.
The company’s earnings were down significantly from the prior-year quarter and below Wall Street estimates. The programmer reported adjusted earnings per share of $1.24, down from $2.02 and below analysts’ consensus outlook for $1.52.
Revenue beat estimates but fell 8% to $626 million. In its earnings release, the company said revenue would have declined just 4% when factoring out various one-time elements.
Advertising revenues decreased 11% to $149 million, which the company blamed on linear ratings declines and “a challenging ad market,” saying the downturn was partly offset by digital and advanced advertising revenue growth.
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