AMC Theatres Loses $567 Million, Quarterly Earnings Miss Projections

AMC Theatres Loses $567 Million, Quarterly Earnings Miss Projections
AMC Entertainment’s quarterly financial results demonstrate that moviegoing may be slowly returning after months of Covid-related struggles, but cinemas still have to dig out of a deep hole left by a public health crisis that decimated their business.

Revenues at the world’s largest exhibition chain topped out at $148.3 million, down 84.2 percent from the year-ago period, while the company logged a loss of $1.42 per share, an improvement on the loss of $20.88 per share that it reported in the year-ago period. It had a $567 million net loss, which was still a substantial improvement on the $2.2 billion the company lost in the same quarter in 2020. Wall Street had expected a loss of $1.38 per share on revenue of $157.7 million.

The year-over-year comparisons are tricky. Parts of the 2020 quarter took place before lockdowns went into effect in mid-March, which forced AMC to shutter its locations for months. That left the chain teetering on the verge of bankruptcy,
See full article at Variety »

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