Starz Quarterly Financials Fall Short of Expectations
Starz added 400,000 new subscribers to its flagship service for a total of 24 million.
Starz on Thursday reported first-quarter earnings of 65 cents per share on revenue that decreased 4 percent year-over-year to $431.9 million, narrowly missing the expectations of analysts.
Starz was expected to earn 68 cents per share on revenue of $435.6 million.
Shares of Starz dropped 1 percent on Thursday to $24.82, giving the premium TV company a market capitalization of $2.5 billion. Shares did not trade after the closing bell.
Starz added 400,000 new subscribers to its flagship service for a total of 24 million, and its Starz Encore subscriptions added 200,000 to 32.4 million. Combined subs grew to 56.4 million at the end of the first quarter.
Earlier this month, Starz launched its subscription streaming service that provides access to such shows as Outlander and Power, as well as blockbuster movies like Avengers: Age of Ultron and, later this year, Star Wars: The Force Awakens, for $8.99 a month.