AMC Networks followed the discouraging pattern of media and tech companies reporting advertising downturns in the third quarter.
The parent company of cable networks like AMC and IFC and streaming services like Acorn TV and Shudder posted earnings per share of $1.94, down 24% from the year-ago quarter.
Revenue slumped 16% to $682 million due to the advertising slide, lower affiliate revenue and unfavorable foreign currency exchange rates.
The revenue line was below Wall Street analyst’s consensus forecasts, but the profit figure came in ahead of expectations. Advertising fell 10% year-over-year to $180 million due to lower linear ratings, softer scatter and direct response markets and fewer original hours in the third quarter, the company said.
Read more on deadline.com
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