November 8 (Reuters) – AMC Entertainment Holdings Inc (AMC.N) on Monday blew past quarterly revenue estimates, with nearly all theaters reopening and moviegoers returning for new releases such as “Shang-Chi and the Legend of the Ten Rings “and”[ads1]; Black Widow “.
The world’s largest cinema company also had a smaller loss than expected, with increasing COVID-19 vaccinations and relief that lured consumers back to the big screen after months of closure when they had resorted to streaming new releases from home.
Marvel’s “Shang-Chi” was one of the biggest grosses since the pandemic and broke a ticket record for Labor Day weekend. For the current quarter, AMC’s list includes “Venom: Let There Be Carnage” and the latest James Bond movie, “No Time to Die”.
“More and more great movies are on the horizon for release in the rest of 2021, and throughout 2022 … our mood is rising,” CEO Adam Aron said in a statement.
“But … no one should have any illusions that there are no more challenges ahead of us that will still be met. The virus continues to be with us,” he said.
The company’s shares fell around 2% in expanded trading, but have risen more than twenty times in value so far this year, mainly driven by an army of retail investors who coordinate their purchases on forums such as Reddit’s WallStreetBets.
AMC’s net loss was reduced to $ 224.2 million for the third quarter, which ended September 30, from $ 905.8 million last year.
On a per share basis, it lost 44 cents. Analysts expected a loss of 53 cents, according to IBES data from Refinitiv.
Revenue rose to $ 763.2 million from $ 119.5 million, beating estimates at $ 708.3 million.
Revenues from theater and food sales alone doubled to $ 265.2 million, amid broader price increases on everything from soft drinks to cookies.
Reporting of Nivedita Balu in Bengaluru; Editing Devika Syamnath
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