Shares of AMC Networks Inc. AMCX, +1.08% shot up 7.3% toward a 3 1/2-month high in premarket trading Friday, after the TV network and streaming services company reported a fourth-quarter profit that was well more than double what was expected, amid strength in its domestic and streaming businesses. The company swung to a net loss of $264.7 million, or $6.11 a share, from net income of $17.0 million, or 39 cents a share, in the year-ago period. Excluding nonrecurring items, such as $423 million in costs related to a restructuring plan commenced in November, adjusted earnings per share jumped to $2.52 from 54 cents, to more than double the FactSet EPS consensus of $1.02. Revenue grew 20.0% to $964.5 million, above the FactSet consensus of $934.0 million. Domestic revenue surged 25.7% to $861.1 million, beating the FactSet consensus of $824.0 million, while international revenue fell 11.7% to $107.6 million to miss expectations of $108.1 million. Streaming revenue rose 41%, as subscribers reached 11.8 million at the end of the quarter. The stock, which is on track to open at the highest price seen during regular-session hours since Nov. 1, 2022, has slipped 1.3% over the past three months through Thursday while the S&P 500 SPX, -1.38% has gained 3.6%.
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