AMC Shares Were Up 8% in Morning Trading
$AMC(AMC)$ Shares Were Up 8% in Morning Trading. AMC Entertainment beat Wall Street expectations for first-quarter revenue.AMC Entertainment beat Wall Street expectations for first-quarter revenue on Monday, as the release of big-ticket films such as "The Batman" drew crowds to movie halls, driving a surge in box-office collections at the theater chain.
After its business was hammered by the pandemic for much of last year, AMC is slowly turning a corner, as a steady stream of new releases such as "Scream" and "Uncharted" attracted 39,000 moviegoers to its theaters in the first quarter, compared with 6,797 a year earlier.
Revenue at the company, which became one of the symbols of a meme stock-trading frenzy last year, rose to $785.7 million in the quarter ended March 31 from $148.3 million a year earlier.
Analysts on average had expected revenue of $743.4 million, according to IBES data from Refinitiv.
Net loss narrowed to $337.4 million, or 65 cents per share, during the quarter, compared with $567.2 million, or $1.42 per share, a year earlier.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
[Smile] [Smile]