NEW YORK - AMC Networks Inc. (NASDAQ:AMCX) reported second quarter results that beat revenue expectations but fell short on earnings, as the company continues to navigate challenges in the media landscape.
The cable network and streaming company posted revenue of $625.9 million for the quarter, surpassing analyst estimates of $601.4 million. However, adjusted earnings per share came in at $1.24, missing the consensus forecast of $1.52.
Revenue declined 7.8% year-over-year, which the company attributed partly to decreases in affiliate and advertising revenue. Streaming revenue grew 9% to $150 million, driven by subscriber growth and price increases. AMC Networks ended the quarter with 11.6 million streaming subscribers, up 5% from the prior year.
"AMC Networks continues to find opportunities in a strategic plan built around programming, partnerships and profitability," said CEO Kristin Dolan. She highlighted a new content licensing deal with Netflix (NASDAQ:NFLX) and progress on generating strong free cash flow.
The company's domestic operations saw operating income fall 36.8% to $102.7 million, while the international segment swung to an operating loss of $43.8 million.
AMC Networks recorded impairment charges of $96.8 million in the quarter, including a $68 million goodwill impairment related to its international business.
Looking ahead, the company reaffirmed its full-year free cash flow guidance. AMC Networks continues to focus on its targeted streaming services and content licensing deals as it adapts to shifting viewer habits.
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