(Bloomberg) -- AMC Entertainment Holdings Inc., which has soared more than 20-fold this year as a so-called meme stock, reported third-quarter results that beat analysts' estimates, as consumers began to return to movie theaters.
- Third-quarter sales totaled $763.2 million, beating the average analyst estimate of $708.3 million, the world's largest cinema operator said Monday. AMC posted a loss of 44 cents a share, excluding some items, better than analysts' expectations for a 53-cent loss.
Key Insights
- Sales marked the best quarterly result since the first period of last year. Theaters are mostly reopened now following closures related to Covid-19. Still, movie attendance -- while much improved -- hasn't returned to levels seen before March 2020.
- Management is trying to diversify the company. Last week, AMC said it's pushing deeper into the popcorn industry. It plans to have up to 15 retail stores and kiosks selling cinema treats by the end of 2022.
- AMC has leaned further into its fandom with meme investors. In August, the company said it wants to accept Dogecoin as payment for movie tickets.
Market Reaction
- The shares fluctuated in extended trading, rising as much as 5.4% before turning negative. Thanks in part to its meme-stock status, the stock has risen more than 2,000% this year, closing Monday in New York at $45.06.
Get More
- Read the statement.
- See AMC estimates.
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