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Investing.com — AMC Entertainment reported Monday first-quarter results that beat estimates on both the top and bottom lines as moviegoers flocked to the big screen following the pandemic-led hiatus.
AMC Entertainment Inc (NYSE:AMC) was down more than 4% following the report.
The company reported a first-quarter loss of $0.52 per share, compared with $1.42 a year earlier. Revenue rose to $785.7 million from $148.3 a year earlier. Analysts were expecting a loss of $0.63 per share on revenue of $736.2 million.
The better-than-expected results are explained by ongoing recovery from the Covid-19 pandemic, when lockdowns shuttered movie theatres worldwide.
Looking ahead, AMC continues to tout optimism forecasting a “very exciting” theatrical box office for the remainder of the year with a string of new releases including Top Gun: Maverick, Jurassic World Dominion, Lightyear, Thor: Love And Thunder, Minions: The Rise Of Gru, and Black Panther: Wakanda Forever, among others.
