Lions Gate Entertainment, based in Santa Monica, California, saw an increase in revenue during the second quarter, largely due to the improved performance of its movies segment.
The company reported a loss of $886.2 million, or $3.79 per share, for the quarter that ended on September 30. This is a significant improvement compared to the loss of $1.81 billion, or $7.95 per share, incurred during the same period last year. Analysts had anticipated a per-share loss of 27 cents, but the adjusted per-share earnings actually came to 21 cents, surpassing expectations.
Revenue for the quarter reached $1.02 billion, exceeding the $1.01 billion forecasted by analysts. This marks an increase from the $875.2 million reported in the previous year.
During the quarter, Lions Gate incurred charges amounting to $876 million related to its Media Networks unit. This includes restructuring charges of $212 million associated with exiting Latin American and U.K. markets.
The motion picture business of Lions Gate experienced a significant boost, with revenue rising by 77%. This growth can be attributed to the success of "John Wick: Chapter Four" in home entertainment.
On the other hand, the television revenue of the company witnessed a decline of 9%, while the media networks segment posted a 5% increase in revenue.
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