AMC Networks Misses Q1 Estimates as Linear TV Weakness Offsets Streaming Gains

AMC Networks (NASDAQ:AMCX) shares plunged 8% intra-day today after the company reported first-quarter results that missed Wall Street expectations, as continued declines in its traditional TV business outweighed modest growth in streaming.

Adjusted earnings per share came in at $0.52, well below the $0.79 analyst estimate. Revenue dropped 6.9% year-over-year to $555.2 million, missing the $573.1 million consensus.

Domestic operations revenue declined 7.2% to $486.3 million, pressured by lower affiliate and advertising income. While the company’s streaming segment grew 8% to $157 million—benefiting from price hikes—total subscribers remained unchanged at 10.2 million versus the prior year.

International revenue slid 7.5% to $69.9 million, with the drop largely attributed to the loss of a distribution deal in Spain. CEO Kristin Dolan emphasized the company’s ongoing focus on leveraging its content strengths as the media landscape continues to evolve. However, the stagnant subscriber base and broader revenue softness reflect the continued challenges AMC faces in balancing its legacy business with its digital transition.