AMC Networks made its investors happy Thursday morning with better-than-expected first-quarter earnings, and its stock price has jumped as a result.
The parent company of TV networks AMC, WE tv, BBC America, IFC and SundanceTV opened at $55.05 per share, which was already up from its close Wednesday, and has only risen since. By late Thursday morning, AMC Network’s stock has jumped more than 10 percent to $58.60 per share.
AMC posted an earnings per share of $2.65 and $741 million in revenue, far outpacing Wall Street forecasts of $2.19 EPS and $720.51 million in revenue, according to a Yahoo Finance-compiled consensus. Increased distribution at the national networks led revenue growth domestically. Those channels also combined for a bit of subscription growth, though U.S. ad sales dropped 8.8 percent on lower Nielsen ratings for long-running shows like “The Walking Dead.”
But despite the dip from “Walking Dead,” it appears investors are very happy.