There’s a fascinating thread running through these quarterly reports from left-wing Hollywood. They all deliver good numbers (subscriber increases, etc.), but the stock still drops.

AMC Networks reported its first quarter earnings on Friday, noting a 13% drop in U.S. ad revenue to $140 million due to a “linear ratings decline and a challenging ad market.” Streaming subscriptions to AMC+, meanwhile, ticked up to 11.5 million, an increase of 300,000 subscribers since March 2023.

Following this reported decline, the company’s stock fell by roughly 10%. An hour and a half after AMC’s earnings call concluded, the company’s stock was listed at $12.35 a share. The company’s stock has fallen about 34% when accounting for year to date.

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