By Dade Hayes Finance Editor AMC Networks fell short of Wall Street expectations in the COVID-19-impaired first quarter, with advertising revenue down 11%.
Earnings per share came in at $1.22, or $1.47 when adjusted for the impact of foreign currency conversions, but either figure was well short of analysts’ consensus forecast of $1.86.
Total revenue of $734 million came up just shy of the consensus for $738.9 million. The drop in ad revenue was due to “lower delivery as well as the timing of the airing of original programming partially offset by higher pricing,” the company said.
Distribution revenue, the other key element of the traditional cable business model, fell 6% to $354 million. Streaming proved a bright spot, with the company
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