Why AMC Networks Stock Rose Today
Shares of AMC Networks (NASDAQ: AMCX) rose today, up by 1% as of 1:20 p.m. EDT, after the company reported first-quarter earnings. The stock had gained as much as 5% earlier in the session.
Revenue in the first quarter declined 6% to $734 million, which was shy of the $738.9 million in sales that analysts were expecting. The COVID-19 pandemic has adversely impacted advertising revenue, with AMC's ad sales falling 11%. That all translated into adjusted earnings per share of $1.47, compared to the consensus estimate of $1.86 per share in adjusted profits.
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Source Fool.com
