AMC Networks Stock Surges After Q3 Beat, Clocks 24% Revenue Growth - AMC Networks (NASDAQ:AMCX)

AMC Networks Inc AMCX reported third-quarter FY21 revenue growth of 24% year-on-year to $810.8 million, beating the consensus of $706.1 million.
Domestic Operations revenues increased 24.8% Y/Y to $682.7 million, with Advertising revenues gaining 22% to $200 million from higher pricing and ad-supported streaming growth. Distribution and other revenues rose 26% to $483 million. Subscription revenues grew 14%, driven by growth in streaming revenues.
International and other revenues increased 16.6% to $129.9 million.
Adjusted operating income increased 21% Y/Y to $224.69 million.
Adjusted EPS of $2.68 beat the consensus of $1.22.
AMC held $870.97 million in cash and equivalents. It used $87.2 million in operating cash flow.
"We continue to see subscriber acquisition momentum and high engagement across our targeted streaming portfolio of AMC+, Acorn TV, Shudder, Sundance Now and ALLBLK, and are on track to deliver our year-end streaming target to achieve 9 million paid subscribers," said Interim CEO Matt Blank.
"In anticipation of having a strong finish to the year, we are increasing our full year financial guidance for total company revenue and AOI," Blank added.
Price Action: AMCX shares traded higher by 11.7% at $48 on the last check Friday.