While it wasn't the dramatic setbacks of Paramount Global and Warner Bros. Discovery this week, AMC Networks released second-quarter financial results that illustrate the perils of running linear TV networks.
Why is CNK going UP and AMC stuck?! CNK Q2 2024 Earnings Summary
The company's profit was significantly lower than in the year-ago quarter and below Wall Street estimates. The programmer reported adjusted earnings per share of $1.24, down from $2.02 and below analysts' consensus expectation of $1.52. Revenue beat estimates but fell 8% to $626 million.
In the press release, the company said revenue would have declined by only 4% after taking into account several one-off items.
Advertising revenue fell 11% to $149 million, which the company attributed to linear viewing and "a challenging advertising market." The company said the decline was partially offset by growth in digital and advanced ad revenue.
