AMC Networks reported its second-quarter 2024 earnings Friday, revealing an 11% drop in U.S. ad sales, but a slight increase in streaming subscribers from 11.5 million at the end of the previous quarter to 11.6 million.
Wall Street forecast earnings per share (EPS) of $1.52 on $601 million in revenue, according to analyst consensus data provided by LSEG, formerly Refinitiv. AMC Networks reported adjusted EPS of $1.24 on $625 million in revenue.
“AMC Networks continues to find opportunities in a strategic plan built around programming, partnerships and profitability,” CEO Kristin Dolan said in a letter to shareholders. “Key to our plan is the creation and curation of celebrated films and series, and making them available to audiences everywhere, including through an exciting new branded content licensing agreement with Netflix. In the first half of 2024, we’ve made significant progress against our strategic priority of generating strong free cash flow, and we’re well on our way to achieving our free cash flow guidance for the full year.”
More to come…
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