AMC Networks Inc.’s AMCX stock rose 11.2% in premarket trades Tuesday after the TV network and streaming services company’s first-quarter results beat analysts’ top and bottom line expectations. The company reported net income of $103.6 million, or earnings of $2.36 a share, compared with net income of $104.2 million, or earnings of $2.38 a share in the same period last year. Adjusted EPS came to $2.62 a share, above the FactSet consensus estimate of $1.87. AMC Networks’ first-quarter revenue was $717.5 million, up from $712.2 million in the same period last year. Analysts surveyed by FactSet were looking for revenue of $697 million. The company’s streaming subscribers grew 22% from the prior year to 11.5 million subscribers at the end of March. “While we reevaluate the pathways to content monetization, we are strategically reducing costs and streamlining our organization,” said AMC Networks CEO Kristin Dolan, in a statement. “These efforts contributed to a first quarter with strong margins and increased streaming revenue as we prioritized higher-value subscribers for our streaming portfolio.”
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