AMC Networks posted a smaller first-quarter profit as ongoing declines in linear-TV revenue continued to outweigh gains from its streaming services. The cable channel reported first-quarter earnings of $18 million, or 34 cents per share, down from $45.8 million, or $1.03 per share, a year ago. Adjusted EPS was 52 cents, well below the 78-cent estimate from analysts surveyed by FactSet. U.S. subscription revenue fell 3% due to linear TV losses, international revenue dropped 12%, while streaming revenue rose 8% from price hikes. U.S. content-licensing revenue dropped 13% without last year’s “Killing Eve” sale, while advertising revenue fell 15% due to lower linear TV ratings.
