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AMC beats revenue estimates as theaters reopen -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – An AMC theater is photographed amid the COVID-19 pandemic that ravaged Manhattan, New York City. This was January 27, 2021. REUTERS/Carlo Allegri/File Photo/File Photo

(Reuters) -AMC Entertainment Holdings Inc beat Wall Street estimates on Monday regarding quarterly revenue as moviegoers returned to the theatres to see new films like “Shang-Chi and the Legend of the Ten Rings” and “Black Widow”.

After months of being shut down during the pandemic and resorting to streaming from their homes, rising COVID-19 vaccines and looser curbs have enticed consumers to return to the big-screen after they were unable to access the internet.

Marvel’s “Shang-Chi”, one of the most successful films since the pandemic, broke the Labor Day box-office records.

AMC’s third quarter net loss was $224.2million, 44 cents per share. This compares to $905.8million, which is $8.41 per shares, one year ago.

One of the most popular “meme stocks”, the revenue at the company grew exponentially to $763.2m in the third quarter from $119.5m a year ago.

Refinitiv data shows that analysts expected an average of $708.3 Million in revenue.

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