‘Spider-Man’ helps theater chain AMC beat revenue estimates
An AMC theater is pictured in Times Square in the Manhattan borough of New York City, New York, U.S., June 2, 2021. Image; Reuters/Carlo Allegri
Theater chain AMC Entertainment Holdings Inc. beat estimates for fourth-quarter revenue on Tuesday as box-office hits such as “Spider-Man: No Way Home” brought people back to the movies.
Long-awaited releases including the James Bond film “No Time To Die” and Marvel’s “Venom: Let There Be Carnage” also helped AMC recover from pandemic restrictions that had brought moviegoing to a standstill.
Revenue for the quarter ended Dec. 31 was $1.17 billion. Analysts on average expected $1.10 billion, according to IBES data from Refinitiv.
Net loss narrowed to $134.4 million, or 26 cents per share, from a net loss of $946.1 million, or $6.21 per share, a year earlier.
AMC’s stock leapt more than 1,150% last year, largely driven by an army of retail investors coordinating their buying on forums such as Reddit’s WallStreetBets. EDV/JB
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