AMCX - Why AMC Networks Stock Skyrocketed This Past Week
According to data provided by S&P Global Market Intelligence , shares of AMC Networks (NASDAQ: AMCX) soared 51% over the past week after the entertainment company delivered adjusted profits that far surpassed Wall Street's estimates.
AMC's net revenue jumped 20% year over year to $965 million in the fourth quarter. Strong growth in licensing revenue and streaming gains more than offset declines in traditional cable subscribers and advertising sales. AMC's content licensing revenue surged 152% to $300 million, driven in part by the delivery of episodes of the company's popular The Walking Dead franchise and related series.
Additionally, AMC's streaming revenue leaped 41%, boosted by the blockbuster debuts of Anne Rice's Interview With the Vampire and Mayfair Witches . AMC ended the fourth quarter with 11.8 million streaming subscribers, up from 11.1 million in the third quarter and roughly 9 million at the end of 2021.
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Why AMC Networks Stock Skyrocketed This Past Week