Top exhibitorAMC Entertainmentposted a loss of 10 cents a share and saw revenue slide 24% in the second quarter due to the strike-hit movie pipeline.
Though they may have been shaky, however, the financials matched Wall Street analysts estimates and shares in AMC gained modest ground in after-hours trading.
The loss compared with a profit of 6 cents a share in the same period a year ago, while the revenue figure of $1.03 billion was down from $1.348 billion in the 2023 quarter.
‘The Fall Guy’Universal
CEO Adam Aron, the pre-eminent corporate optimist, said the dynamic shifts in the marketplace left him feeling optimistic about the second half of 2024.
After an unnervingly quiet spring and major disappointments likeFall Guyin what is usually the kickoff to summer in early May, the triumph ofInside Out 2sparked a revival that has continued through the currentDeadpool and Wolverineheyday.
However, the quarter finished with incredible strength powered by the success of DisneysInside Out 2, Aron said in theearningsrelease.
The company saw a remarkable contrast between the early quarter wit h a dearth of movie releases and the end of the quarter with a record-setting movie delighting audiences in our theatres.
That difference between AMCs early quarter performance and our late-quarter performance was as if we were two totally different companies, surrounded by two completely different industry dynamics.
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The companys earnings release followeda preliminary reportabout the quarters financials, which signaled the loss to come.
