Newly-solo Starz released its second quarter financials on Thursday, with revenue down and a swing to an operating loss.

Starz saw overall revenue fall to $319.7 million, against a year-earlier revenue line of $347.6 million. The standalone company posted an operating loss at $27 million, against a year-earlier operating income of $10.1 million.

Following a split from Lionsgate, Starz saw streaming revenue dip to $221 million, compared to $234.4 million in the year-earlier period. And linear and other revenue came in at $98.6 million, against a year-earlier $113.2 million. Starz OTT service shed 120,000 subscribers in the second quarter, compared to the first quarter of 2025, and ended the latest financial period with 12.2 million streaming subscribers. Total U.S. subscribers were 17.6 million, a fall of 410,000 customers from the first quarter.

Starz put down the latest subscriber losses to continued pressure on linear subscriber and lower OTT subscriber additions. Factoring in Canada, where Starz lost 110,000 subscribers during the latest quarter, the company said it had 19.1 million total North American subscribers at the end of the second quarter.

Investors reacted to the continuing subscriber losses by sending shares in Starz down by 97 cents, or around 6.3 percent, to $14.39 in after-market trading. Starz talked up a return to subscriber growth after the launch of Outlander: Blood of my Blood last week, and in its latest financial results reiterated a forecast for sequential revenue and streaming subscriber growth in the back half of 2025.

Starz president and CEO Jeffrey Hirsch in a statement said his companys content strategy continues to resonate with our audience as the subscriber additions from last weekends Outlander: Blood of my Blood premiere where the third highest for a series premiere in Starzs history.

Executives at Starz, which is increasingly a digital-first network, will hold an after-market analyst call on Thursday.