AMC Networks Q2 revenue misses estimates on advertising weakness
AMCX•Result drivers
- Affiliate revenue pressure - Co said domestic affiliate revenue declined 17% due to basic subscriber declines
- Advertising weakness - Advertising revenue fell 11%, with a one-time system integration issue and lower ratings cited as factors
- Content licensing timing - Content licensing revenue dropped 34% due to timing and availability of deliveries
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Miss | $547.50 mln | $556.73 mln (6 Analysts) |
| Q2 Adjusted Loss Per Share | Miss | $0.28 | $0.07 (6 Analysts) |
| Q2 Loss Per Share | $0.51 | ||
| Q2 Adjusted Operating Income | Beat | $46.07 mln | $40.86 mln (6 Analysts) |
| Q2 EBIT | $15.85 mln | ||
| Q2 Free Cash Flow | $43.27 mln |
- The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and 3 "sell" or "strong sell"
- The average consensus recommendation for the broadcasting peer group is "buy"
- Wall Street's median 12-month price target for AMC Global Media Inc is $6.50, about 36.6% below its July 29 closing price of $10.25
- The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 4 three months ago
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