The shares of AMC Entertainment whipsawed in extended trading Monday after the company posted a smaller-than-expected loss for the third quarter.

This is what the company said compared to what Wall Street expected based upon a Refinitiv survey of analysts:

• Loss Per Head: 44 cents vs. 53 cents expected
• Revenue $763.2 million vs. $708.3 million expected

AMC’s third quarter net loss was $224.2 Million, which is 44 cents per diluted share. They are now down by the loss of $905.8million, which is $8.41 each share, in the prior year. According to Refinitiv data, analysts had predicted that the company would lose 53 cents per shares.

Movie theater chains reported revenue of $763.2 Million, which was higher than the $708.3million analysts anticipated.

After the announcement of results, stock prices rose initially. At 4:35 PM ET, shares were down 1.2%. ET shares had fallen 1.2% as of 4:35 p.m. ET. AMC shares were at the forefront of this year’s memestock craze. In 2021, they soared more than 2,025%.

AMC stated that its theaters in the United States and 99% of international locations were still open on Sept. 30. Due to the release of blockbuster films and increasing vaccination rates, the movie theatre chain said it had welcomed back 40,000,000 guests in its third quarter.

The company’s admission revenues increased to $425.1million during the quarter from $62.9 million the previous year. On a year-overyear basis, its food and beverage sales grew by $265.2million from $29.1 million.

AMC’s operational costs exceeded its revenue and led to a quarter-end loss.

Adam Aron, Chief Executive Officer of Aron Financial Services said that the financial results have continued to improve. It is clear that both our industry and company are moving in the right direction of improvement and recovery. Our spirits are high because of this.

He said, “But, even amid such positive news, we still aren’t where we need and want to be.” We want to stress that we don’t believe there are any more challenges ahead. We are still being affected by the virus, so we must sell more tickets for future quarters that we sold in our most recent quarter. Adjusted EBITDA remains well below its pre-pandemic level.

AMC had $1.8 billion of liquidity at the end the third quarter. This includes cash and undrawn, revolving credit line. Aron indicated that AMC does not expect to need these credit lines in the coming 12 months.

This liquidity has allowed AMC to explore — and incorporate — new revenue streams. Already, the company has secured new theatre leases and started to provide new content such as concerts and sporting events. is expanding into the popcorn retail business.

This is important breaking news. Stay tuned for new updates.