The cable network group -- home to “The Walking Dead” and “Better Call Saul” -- saw its net income down 82% to $17 million in the period versus $94.7 million in the quarter before.
The closely watched free cash flow business dipped 21% to $72.4 million.
Investors went running, and AMC Network's stock price saw a sharp drop -- down 20% in early Wednesday morning trading of its stock price.
In its most recent quarter, advertising revenues slipped 1% to $234 million. Although the company had higher pricing and ad-supported streaming growth, it also saw lower linear ratings. Distribution revenue was 7% higher to $451 million, while subscription revenues were up 11%.
AMC says its streaming business -- in particular, its AMC+ service -- ended the year with 9 million paid streaming subscribers, and is estimated to rise to 20 million to 25 million subscribers by the end of 2025.
Fourth-quarter revenue inched up 3% to $804 million, while domestic operations grew 4% to $685 million.
AMC’s international operations were down 3% to $122 million.