Starz (strza) Stock Retreating As Profit Slumps

NEW YORK (TheStreet) -- Shares of Starz are falling by 9.25% to $40.63 on heavy volume in mid-day trading on Wednesday afternoon, as the media and entertainment company posts a 10% year over year decline in profit for the 2015 second quarter. The company behind the pay TV channels Starz and Encore said its profit came to $63.4 million, or 59 cents per share, compared with $70.1 million, or 62 cents per share for the 2014 second quarter. Analysts were expecting the company to report earnings of 64 cents per share for the latest quarter. Consolidated revenue for the second quarter totaled $417.7 million versus the $442.1 million analysts were looking for. Despite the decline in its financial results, Starz is pleased with its performance for the 2015 second quarter.