Nov 8 (Reuters) – AMC Entertainment Holdings Inc (AMC.N) on Monday blew past estimates for quarterly revenue, as nearly all of its theaters reopened and moviegoers returned for new releases such as “Shang-Chi and the Legend of the Ten Rings” and “Black Widow”.
The world’s largest movie-theater company also posted a smaller-than-expected loss, with rising COVID-19 vaccinations and easing curbs enticing consumers back to the big screen after months of shutdown when they had resorted to streaming new releases from home.
Marvel’s “Shang-Chi” was one of the biggest grossers since the pandemic and broke a box-office record for the Labor Day weekend. For the current quarter, AMC’s slate includes “Venom: Let There Be Carnage” and the latest James Bond film, “No Time to Die”.
“More and more major films are on the docket for release in the remainder of 2021, and throughout 2022… our spirits are upbeat,” Chief Executive Officer Adam Aron said in a statement.
“However … no one should have any illusions that there is not more challenge ahead of us still to be met. The virus continues to be with us,” he said.
The company’s shares were down about 2% in extended trading, but have risen over twenty times in value so far this year, largely driven by an army of retail investors coordinating their buying on forums such as Reddit’s WallStreetBets.
AMC’s net loss narrowed to $224.2 million for the third quarter ended Sept. 30 from $905.8 million last year.
On a per share basis, it lost 44 cents. Analysts were expecting a 53 cents loss, according to IBES data from Refinitiv.
Revenue rose to $763.2 million from $119.5 million, beating estimates of $708.3 million.
Revenue from just theater food and beverage sales surged over ninefold to $265.2 million, amid broader price hikes of everything from sodas to cookies.
Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath
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