AMC Networks posted strong fourth-quarter results, with total revenue rising 20% over the prior-year quarter to $964.5 million, while earnings per share jumped almost fivefold to $2.52.
Wall Street analysts had expected revenue of $947.8 million and EPS of $1.20. Advertising revenue in the U.S. fell 12% to $206 million, with the company blaming the slide on lower linear ratings, softness in the broader ad market and fewer original programming episodes during the quarter.
Content licensing revenues climbed 18% to $492 million and subscription revenue grew 6% due to higher streaming revenue, as streaming subscriber growth made up for declines in the linear subscriber base.
Streaming revenue shot up 35% to $502 million, with subscriber levels reaching 11.8 million. (The company has issued a target of 20 million to 25 million by 2025.) Affiliate revenue sagged 6% due to basic subscriber declines, though the drop was partly offset by contractual rate increases.
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