AMC Global Media Misses Wall Street Expectations Despite ‘Walking Dead’ Deal With Netflix
Revenue came in at $566 million, while subscription revenue decreased by 2% year over year The post AMC Global Media Misses Wall Street Expectations Despite ‘Walking Dead’ Deal With Netflix appeared first on TheWrap .
AMC Global Media reported a $566 million revenue in its third quarter, representing a less than 1% increase compared to the previous year. However, this figure fell short of the $585 million forecast by analysts at Yahoo Finance. The company's diluted earnings per share (EPS) came in at a loss of $1.13, significantly lower than the $1.38 loss recorded during the same quarter last year.
Analyst projections from Yahoo Finance had anticipated an EPS gain of $0.01. Moreover, AMC missed Wall Street expectations by a wide margin. Despite these financial setbacks, the entertainment giant benefitted from its $500 million co-exclusive deal with Netflix, which includes "The Walking Dead" and its six spinoffs. This agreement, set to run for five years, allowed AMC to explore streaming opportunities beyond its own platform, AMC+.
Additionally, streaming revenue increased by 4% to $181 million, partially offsetting a 11% decline in affiliate revenue driven by basic subscriber declines. The cable industry continues to face a downward trend, impacting overall revenue. AMC's CEO, Kristin Dolan, acknowledged the challenges of the period, describing it as "lumpy" due to the ongoing decline in cable revenues.
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