AMC reported a third-quarter net loss of $226.9 million, or a net loss of 22 cents a share, compared with a net loss of $224.2 million, or a net loss of 22 cents a share, in the year-ago quarter. $AMC tumbled after the 12th consecutive quarterly loss:
AMC Entertainment Holdings Inc. reported its 12th consecutive quarterly loss and revenue that topped analysts’ estimates after market close on Tuesday, sending shares lower in after-hours trading.
AMC’s second-quarter sales were $968.4 million, compared with $763.2 million in the same period last year. Analysts surveyed by FactSet were looking for sales of $961 million and a net loss of 20 cents a share, or a net loss of 23 cents a share on an adjusted basis.The company’s stock fell between 4% and 6% in after-hours trading following the release of the results. Shares of the meme-stock darling, which skyrocketed to a high of $72.62 on June 2, 2021, have fallen 66.5% this year.
However, AMC’s admissions revenue and food and beverage spending remain well above prepandemic levels, growing 12% and 30%, respectively, compared with the third quarter of 2019, according to Aron. The company’s AMC Preferred Equity Units APE, +5.96%, or APEs, made their trading debut in August, sparking volatility and heralding the latest chapter in an eventful journey that took the cinema chain from beleaguered pandemic victim to meme-stock phenomenon.
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