By Yasin Ebrahim

AMC Entertainment announced Monday its first quarter results. The top and bottom line beat expectations as more moviegoers arrived to see the film after the Pandemic-related hiatus. 

AMC Entertainment Inc (NYSE 🙂 fell more than 4 percent after the report.

First quarter loss was $0.52 per share compared to $1.42 the year before. The revenue increased to $785.7 million, compared with $148.3 last year. Analysts were expecting a loss of $0.63 per share on revenue of $736.2 million.

These results were made possible by continued recovery from the Covid-19 epidemic, in which lockdowns closed down cinemas all over the globe. 

From 6.9 million in 2013, attendance rose to approximately 39.1million.

The company stated that it was continuing its pandemic recovery track, which includes more than quintupling revenue and increasing adjusted EBITDA nearly eighty percent over a year. 

Looking ahead, AMC continues to tout optimism forecasting a “very exciting” theatrical box office for the remainder of the year with a string of new releases including Top Gun: Maverick, Jurassic World Dominion, Lightyear, Thor: Love And Thunder, Minions: The Rise Of Gru, and Black Panther: Wakanda Forever, among others.