MSGN - Why MSG Networks Stock Tumbled Today
Shares of MSG Networks (NYSE: MSGN) slumped on Wednesday after the sports media company reported its fiscal fourth-quarter results. MSG missed analyst estimates for both revenue and earnings, and its subscriber base shrank. The stock was down about 12.8% at 3:15 p.m. EDT today.
Fourth-quarter revenue was $168.4 million, down 2% year over year and about $2.5 million below the average analyst estimate. Affiliation fee revenue declined by $3.3 million, due to a 6.5% drop in subscribers and the lack of a favorable adjustment recorded in the prior-year period. Advertising revenue was up $900,000, driven by higher sales related to live professional sports programming.
Image source: Getty Images.