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

AMC Networks Inc AMCX reported a second-quarter FY22 sales decline of 4.3% year-on-year to $738.02 million, missing the consensus of $774.35 million.
Streaming subscribers grew 46% Y/Y to 10.8 million as of June 30, 2022, and streaming revenue climbed 20%.
Domestic revenues decreased 3% Y/Y to $621 million, and International fell 9% to $126 million.
Operating margin was 20.7%, and operating income for the quarter rose 125% to $153 million.
The company held $817.3 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities totaled $41 million with a free cash flow of $7 million.
Adjusted EPS of $2.06 missed the analyst consensus of $2.31.
Outlook: AMC reaffirmed the FY22 revenue growth outlook of low-single-digit.
The company expects FY22 free cash flow of $100 million.
Executive Appointment: AMC Networks has named Christina Spade, who currently serves as its COO and CFO, to the role of CEO, effective September 9, 2022.
Spade will succeed Matt Blank, who has been serving in a year-long role as Interim CEO since last September.
The company has named Patrick O'Connell as EVP & CFO and will report to Spade.
Price Action: AMCX shares are trading lower by 11.98% at $29.18 on the last check Friday.

AMC Networks Shares Plunge On Q2 Miss; Picks New CEO