Times Square’s AMC 25 theaters in New York City will be seen on Tuesday, July 8, 2014.
Richard Levine Corbis News Getty Images
Even the Spider-Man and Batman team couldn’t make AMC Entertainment profitable in the first quarter. However, the shares of the cinema chain rose by more than 4% after working hours on Monday, after reporting less than expected loss during the period.
AMC has taken big steps to recover from the pandemic closing all its seats worldwide in 2020, but a limited set of new films in the first three months of the year meant fewer movie tickets were sold than before. the pandemic.
However, Marvel’s recent edition of “Doctor Strange in the Multiverse of Madness” has launched a steady stream of new and highly anticipated cinematic debuts that will boost AMC ticket sales in the coming months.
“Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years,” CEO Adam Aron said in a statement Monday.
The cumulative success of “Spider-Man: No Way Home”, “The Batman”, “Sonic The Hedgehog 2” and the opening of “Doctor Strange in the Multiverse of Madness” last weekend should leave no doubt about the lasting appeal at a theater exhibition, “he said. “When Hollywood releases movies that moviegoers want to see, people flock to theaters in huge numbers to watch movies where they are meant to be seen, in theaters, on the big screen.”
While “No Way Home” and “Batman” had solid theaters and AMC saw nearly 40 million visitors in the quarter, revenue collected during the period did not exceed nearly $ 1 billion spent by AMC on operating expenses and rents.
The movie theater chain reported a net loss of $ 337.4 million, or 65 cents a share, compared to a loss of $ 567.2 million, or $ 1.42 a share, a year ago.
Excluding positions, the company lost 52 cents a share, less than the 63 cents analysts had expected to lose in the quarter, according to a Refinitiv study.
Revenue rose to $ 785.7 million from $ 148.3 million last year and exceeded the $ 743 million analysts had expected.
AMC ended the quarter with $ 1.3 billion in liquidity available. Shares closed 9% on Monday as the wider market went through a sell-off.
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