AMC Entertainment beats estimates for quarterly revenue
2023.05.05 08:24
© Reuters. An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri
(Reuters) -AMC Entertainment Holdings Inc beat Wall Street estimates for first-quarter revenue on Friday, as a string of hit films including the latest installment of Marvel’s “Ant-Man” drove more moviegoers to theaters.
Shares of the Leawood, Kansas-based company, which operates over 900 theaters globally, rose nearly 4% in trading after the bell.
To attract more audiences to its theaters, AMC in February started a new program where it provides moviegoers with multiple seating options to meet their viewing preferences.
Revenue for the quarter was $954.4 million, compared with analysts’ expectation of $948.5 million, according to Refinitiv IBES data.
Net loss attributable to AMC Entertainment (NYSE:) Holdings was $235.5 million, or 17 cents per share, during the quarter ended March 31 from a loss of $337.4 million, or 33 cents per share, a year earlier.
