AMC Networks reported its first-quarter 2022 earnings Thursday, revealing it had ended the quarter with 9.5 million streaming subscribers.
AMC Networks CFO Christina Spade stated in February the corporate anticipated so as to add 400-500,000 streaming subscribers in Q1, after reaching greater than 9 million subs on the finish of 2021.
Wall Avenue forecast earnings per share (EPS) of $2.63 on $758.05 million in income, in keeping with analyst consensus knowledge supplied by Refinitiv. AMC Networks reported adjusted diluted EPS of $2.54 on $712 million in income.
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“AMC Networks had strong first quarter efficiency, highlighted by 3% complete firm income progress and continued progress of our streaming portfolio to finish the quarter with 9.5 million complete subscribers,” We proceed to advance our differentiated technique of providing streaming providers that attraction to audiences with distinct affinities and passions, which is resulting in robust shopper loyalty and low churn. 2022 is the most important 12 months of authentic programming in AMC Networks’ historical past and our content material continues to interrupt by, together with the current last season premiere of Higher Name Saul, which drove report ranges of subscriber acquisition for AMC+. With our content material price benefits, our means to tremendous serve audiences, and our clear path to profitability by advantage of our distinctive technique, we’re reaffirming our full 12 months 2022 monetary outlook and our goal of attaining 20 million to 25 million streaming subscribers in 2025, as we proceed to reconstitute our income combine and as we stay targeted on profitability.”
Again in February, AMC Networks revealed it had reached greater than 9 million paid streaming subscribers by the tip of 2021. The corporate has forecast between 20 million to 25 million paid subscribers throughout its streaming providers by 2025 and stated final quarter it was anticipating getting midway to that purpose by the tip of this 12 months.
AMC Networks’ lineup of focused streaming providers contains AMC Plus, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE, newly acquired with the acquisition of anime content material distributor Sentai. These digital choices are along with the corporate’s linear channels AMC, BBC America (a three way partnership with BBC Studios), IFC, SundanceTV, WE television and IFC Movies.
AMC Networks inventory closed Wednesday at $35.07 per share. The common U.S. inventory markets will reopen at 9:30 a.m. ET.
AMC Networks executives will host a convention name at 10:30 a.m. ET to debate the quarter in better element.
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