Lionsgate (LGF.A) reported an adjusted loss of 12 per share for the second quarter of fiscal 2023, which lagged the Zacks Consensus Estimate by 45.45%. The company reported a earnings of 15 cents in the year-ago quarter.Revenues decreased 0.02% year over year to $875 million and lagged the consensus mark by 2.52%.The decline in revenues comes from the strategic decision to exit seven international territories and six markets in Continental Europe and Japan, which has already begun.Segment DetailsMotion Picture (25.6% of revenues) revenues decreased 32.3% year over year to $224 million. The segment generated a profit of $55.5 million, down 45.5% year over year.Television Production (49.2% of revenues) revenues increased 28.2% year over year to $430.9 million. Segmental profit was $13.6 million, which decreased 52.3% year over year.The Media Networks segment (42.6% of revenues) reported revenues of $396.1 million, up 3% year over year. Segmental profit increased 281.8% to $21 million.Starz Networks’ revenues decreased 0.3% year over year to $357.5 million.STARZPLAY International revenues in the quarter rose 47.9% year over year to $38.6 million.The fiscal second quarter’s total global subscribers were 37.8 million, including STARZPLAY Arabia. Total Global Media Networks OTT subscribers grew 1 million sequentially to 27.3 million subscribers. This represents year-over-year global OTT subscriber growth of 52%, comprised domestic OTT growth of 18% and international OTT growth of nearly 100%.Lions Gate Entertainment Corp. Price, Consensus and EPS Surprise Lions Gate Entertainment Corp. price-consensus-eps-surprise-chart | Lions Gate Entertainment Corp. QuoteOperating DetailsLionsgate’s adjusted OIBDA decreased 56.2% year over year to $47.4 million in the reported quarter.Direct operating expenses, as a percentage of revenues, expanded 10% year over year to 64.4% from 12.8% in the previous quarter.Distribution and marketing expenses, as a percentage of revenues, contracted 3.3% to 21.1%.Moreover, general & administrative expenses, as a percentage of revenues, decreased 150 basis points year over year to 13.9%.The company reported an operating loss of $1747.6 million in the reported quarter against an operating profit of $29.8 million in the year-ago quarter.Balance Sheet & Cash FlowAs of Sep 30, 2022, Lionsgate had cash and cash equivalents of $557.1 million compared with $378.5 million as of Jun 30, 2022.Net cash outflow from operating activities was $139.2 million at the end of the fiscal second quarter compared with $16.1 million of cash flow provided at the end of the previous quarter.Adjusted free cash flow was $123.5 million against a free cash flow of $195.2 million in the previous quarter.Zacks Rank & Stocks to ConsiderLionsgate currently has a Zacks Rank #4 (Sell).Some better-ranked stocks in the Consumer Discretionary sector are AMC Entertainment AMC, Reservoir Media RSVR and American Public Education APEI, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.AMC Entertainment, Reservoir Media and American Public Education are each scheduled to report quarterly results on Nov 8.The Zacks Consensus Estimate for AMC Entertainment’s third-quarter 2022 loss is pegged at 27 cents per share, down from a loss of 25 cents over the past 30 days.The Zacks Consensus Estimate for Reservoir Media’s third-quarter 2022 earnings is pegged at 5 cents per share, unchanged over the past 30 days.The consensus mark for American Public Education’s third-quarter 2022 earnings is pegged at 25 cents per share, unchanged in the past 30 days. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Public Education, Inc. (APEI): Free Stock Analysis Report AMC Entertainment Holdings, Inc. (AMC): Free Stock Analysis Report Lions Gate Entertainment Corp. (LGF.A): Free Stock Analysis Report Reservoir Media, Inc. (RSVR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research