AMC Networks Inc. (AMCX) posted weaker-than-expected first-quarter earnings on Thursday, but backed its full-year guidance and long-term subscriber targets. The network that makes "Better Call Saul" and "The Walking Dead" posted net income of $104.2 million, or $2.38 a share, in the quarter, up from $87.1 million, or $2.02 a share, in the year-earlier period. Adjusted per-share earnings came to $2.54, below the $2.63 FactSet consensus. Revenue rose 3% to $712 million, also below the $758 million FactSet consensus. The company ended the quarter with 9.5 million total subscribers, according to Interim CEO Matt Blank. "2022 is the biggest year of original programming in AMC Networks' history and our content continues to break through, including the recent final season premiere of Better Call Saul, which drove record levels of subscriber acquisition for AMC+.," he said in a statement. The company is now focused on a clear path to profitability and is backing its target of achieving 20 million to 25 million streaming subscribers in 2025. For 2022, it expects revenue to grow in the low single digits. Shares were not yet active premarket, but have gained 1.8% in the year to date, while the S&P 500 has fallen 9.8%.
(END) Dow Jones Newswires
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