AMC Stock Leaps 8.8% after Its Movie Theaters Had the Busiest Saturday Post-Pandemic

marketwatch2023-04-10

Shares of AMC Entertainment Holdings Inc. AMC charged up 8.8% toward a one-month high in morning trading Monday, after the movie theater operator said 3.6 million people went to its theaters over the past three days.

That makes the weekend the busiest of 2023, and the third busiest since December 2019. And since reopening in 2020, after the COVID-19 pandemic forced theaters to close, two of the top three revenue days occurred over the past weekend, including Saturday, which was the highest revenue day since the reopening.

And including food and beverage revenue, AMC said it set a record high for revenue during an Easter weekend at its U.S. theaters. “The success of ‘The Super Mario Bros. Movie‘ is yet another shining example of the desire by U.S. moviegoers to come to the movie theatre to be entertained,” said AMC Chief Executive Adam Aron.

AMC’s stock has soared 28.7% year to date, while the S&P 500 SPX, -0.53% has gained 6.3%.

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