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BusinessAMC Entertainment (AMC) Q3 2021 earnings

AMC Entertainment (AMC) Q3 2021 earnings

The AMC Burbank 16 and the Batman bronze statue in Downtown Burbank.

AaronP/Bauer-Griffin | GC Images | Getty Images

Shares of AMC Entertainment whipsawed in prolonged buying and selling Monday after the corporate posted a smaller-than-expected loss for the third quarter.

Here’s what the corporate reported in contrast with what Wall Street was anticipating, based mostly on a survey of analysts by Refinitiv:

  • Loss per share: 44 cents vs. 53 cents anticipated
  • Revenue: $763.2 million vs. $708.3 million anticipated

AMC posted a web loss narrowed to $224.2 million, or 44 cents per share, for the third quarter. That loss is manner down from the $905.8 million, or $8.41 per share, they misplaced within the year-earlier interval. Analysts had anticipated the corporate to lose 53 cents per share, based on information from Refinitiv.

The movie show chain reported income of $763.2 million, topping the $708.3 million analysts had anticipated.

The firm’s inventory initially popped after the outcomes had been launched. As of 4:35 p.m. ET, nevertheless, shares had been down 1.2%. AMC shares have been on the heart of this 12 months’s meme inventory craze, skyrocketing greater than 2,025% in 2021.

AMC mentioned that each one of its home cinemas had been open as of Sept. 30, as had been 99% of its worldwide theaters. The movie show chain famous that it welcomed again 40 million company through the third quarter throughout places within the U.S., Europe and Middle East due to new blockbuster titles and rising vaccination charges.

“Our financial results continue to improve,” CEO Adam Aron mentioned in a press release Monday. “One can see and feel that our industry and our company are on a path of recovery and improvement. Therefore, our spirits are upbeat.”

“However, even amidst such good news, we are not yet where we want and need to be,” he mentioned. “We wish to emphasize that no one should have any illusions that there is not more challenge ahead of us still to be met. The virus continues to be with us, we need to sell more tickets in future quarters than we did in the most recent quarter, and adjusted EBITDA is still well below pre-pandemic levels.”

This is breaking information. Please verify again for updates.

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