Why AMC Networks (AMCX) Shares Are Jumping Today - AMC Networks (NASDAQ:AMCX)

AMC Networks Inc AMCX reported fourth-quarter revenue growth of 20% to $964.5 million, beating the consensus of $947.8 million.
Domestic Operations revenue grew 25.7% Y/Y to $861.1 million. International and other revenue fell 11.7% Y/Y to $107.6 million.
Non-GAAP EPS of $2.52 beat the consensus of $1.20.
Adjusted operating income improved 33.7% Y/Y to $137.4 million.
AMC Networks generated $127.8 million in free cash flow in the quarter, up 76.5% Y/Y.
AMC Networks Interim Executive Chairman James L. Dolan said: "AMC Networks is focused on maximizing the value of our high-quality, popular content through optimized content monetization as we reduce costs and drive cash flow."
Yesterday, AMCX named Kristin Dolan, a seasoned executive with over 30 years of media and entertainment experience and a longtime AMC Networks board member, as the CEO, effective Feb. 27, 2023.
Christina Spade exited as the CEO Last November after only three months in the role after a staff memo from the Chair indicated that AMC Networks is preparing for significant layoffs.
Also Read: AMC Networks Gets New CEO After Christina Spade Stepped Down In November
On Nov. 28, 2022, the company commenced a restructuring plan. The company recorded restructuring and other related charges in 2022, primarily related to content impairments of $403.8 million and severance and other personnel costs of $45.2 million.
Price Action: AMCX shares traded higher by 18.66% at $24.33 on the last check Friday.

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Why AMC Networks Shares Are Jumping Today