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Investing.com — Netflix (NASDAQ:NFLX) isn’t the only game in town. AMC Networks (NASDAQ:AMCX) rose 5% after beating revenue expectations.
Subscriber numbers are outperforming expectations, with its Walking Dead world leading the way.
Earnings per share of $1.32 came in just shy of the estimated $1.33 on sales of $654 million, which compares to the expected $605.5 million.
“The company delivered solid results in the third quarter and we continue to maintain a strong financial profile, with a solid balance sheet, very good liquidity and healthy levels of free cash flow,” said Chief Executive Officer Josh Sapan.
AMC Network’s Acorn TV, Shudder, Sundance Now and UMC services are set to exceed 4 million subscribers by year-end. With the addition of our new AMC+ premium SVOD offering, the company expects to have 5 to 5.5 million total subscribers by the end of the year.
AMC’s newest series in The Walking Dead Universe, The Walking Dead: World Beyond ranked as the #1 freshman cable drama of the year.” The series will end with a two-year 11th season and a new series based on popular characters should premier in 2023.
The company expanded the distribution of AMC+, its subscription video on demand bundle, with launches on Amazon (NASDAQ:AMZN) Prime and Apple (NASDAQ:AAPL) TV platforms.
