AMC Networks Reports Downturn In Many Financial Areas, But Stock Perks Up On Q3 Beat

deadline.com:

Shares in AMC Networks, which have declined by more than 50% in 2024 to date, gained 3% Friday after the company posted third-quarter results ahead of Wall Street analysts’ expectations.

Revenue slumped 6% in the quarter ended September 30 compared with the year-earlier period, coming in at $599.6 million. Adjusted earnings per share totaled 91 cents, down from $1.85.

Despite the downturn, the numbers were significantly above analysts’ consensus on the top and bottom line. Investors boosted shares to $8.63, their highest level in weeks, on a break-even day overall for the Nasdaq.

Streaming subscriber gains provided a highlight, with a 5% upswing leaving the company with a total of 11.8 million across the portfolio of targeted services like AcornTV, Shudder and AMC+.