AMC Networks Revenue Slides 12% In Q4 As Results Fall Short Of Wall Street Targets

deadline.com:

AMC Networks undershot Wall Street forecasts in the fourth quarter, with advertising continuing to decline in the U.S. and affiliate revenue also hitting a slump.

The company reported total revenue of $599 million, down 12% from the same period a year ago, and adjusted earnings per share of 64 cents declined from 72 cents.

Wall Street analysts’ consensus outlook was for earnings of $1.05 per share and revenue of $611.3 million. In its domestic operations unit, AMC Networks said subscription revenue fell 4% to $314 million, with the company citing declines in linear subscribers, partially offset by streaming revenue growth.

Affiliate revenue declined 13%, which the company blamed on basic subscriber declines and contractual rate decreases in connection with renewals.