AMC Global Media Inc. (NASDAQ:AMCX) (formerly known as AMC Networks) shares fell Friday after the entertainment company reported mixed first-quarter 2026 results, with revenue topping Wall Street estimates but earnings missing expectations.

The company reported first-quarter revenue of $542.13 million, down 2.4% year over year but ahead of the analyst consensus estimate of $540.73 million. Adjusted earnings came in at 8 cents per share, down 84.6% from a year earlier and below analyst estimates of 21 cents.

Domestic Revenue Declines Continue

Revenue in the domestic operations segment fell 3.2% year over year to $470.69 million.

Subscription revenue declined 2.6% to $305.28 million as growth in streaming revenue partially offset declines in affiliate revenue. Streaming revenue rose 11% to $174 million, driven primarily by price increases across AMC's services.

Streaming subscribers totaled 10.1 million at the end of the quarter, down 1% from 10.2 million a year earlier.

Affiliate revenue dropped 16% to $131 million due to declines in basic subscribers.

Advertising revenue fell 5% to $113 million, mainly because of lower marketplace pricing, although digital advertising growth partially offset the decline.

Content licensing revenue ...