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AMC Entertainment Holdings saw revenue decline in the third quarter and saw a swing to a net loss Deadpool and Wolverine And Inside out 2 played on the screens.
On Wednesday the parent of AMC Theaters reported total revenue of $1.34 billion, down 4.1 percent from $1.4 billion a year earlier due to higher movie attendance as the exhibitor received a boost from Oppenheimer And Barbie in his theaters. Total admission revenue fell to $744.2 million, compared to $798 million a year earlier, but that was offset by higher food and beverage revenue of $490.4 million, compared to $482.7 million a year earlier.
The exhibitor’s third quarter 2023 also saw the release of The Taylor Swift: The Eras Tour through the AMC Theaters Distribution division. The net loss at the giant cinema chain amounted to $20.7 million, a turnaround from a profit of $12.3 million a year earlier. The diluted loss per share was 6 cents, compared to a year-earlier profit per share of 8 cents.
The latest results at AMC Theaters provide a look at how the company’s domestic and European locations are faring amid a broader industry recovery in Hollywood checkout that come from the pandemic era.
“Admittedly, some of our Q3 2024 numbers were behind last year’s. However, we
Of much greater importance is our optimism about the impressive film series coming to our theaters in November and December 2024, and which will continue in 2025 and again in 2026. Based on what we know now, we expect the office-wide box office sector should increase significantly by year’s end and increase again over the next two years,” Adam Aron, CEO of AMC Theaters, said in a statement .
A week ago, rival Cinemark, the third-largest theater chain in the U.S. by number of locations, posted third-quarter revenue of $921.8 million, up 5.4 percent from the same period a year ago. And also on Wednesday, Canadian stock exchange giant Cineplex reported third-quarter revenue of $395.6 million, down 4.6 percent from a year earlier’s revenue of $463.5 million.
AMC has also been pursuing the rights to show other live concerts and sports on its big screens as the mega-cinema chain looks to diversify into alternative content, in line with a broader exhibition industry that is moving away from a traditional reliance on Hollywood tentpoles.
During the latest quarter, AMC Theaters saw just over 65 million visitors pass through its theaters, down 11.5 percent from 73.5 million in the same period in 2023. About 46.9 million visitors visited AMC’s U.S. theaters , down from a year earlier 51.5 million, while International theaters received 18.1 million visitors in the third quarter, up from 22 million in the same period of 2023.
The movie theater chain has seen its shares rise and fall dramatically since 2021 as retail traders, emboldened by Reddit, embraced company stock as a meme stock. Online traders who bought AMC stock sent its value to $35 at one point in 2021.
That meme stock mania has allowed the company to raise new money through stock sales for a financial lifeline. On Wednesday, shares in AMC Theaters fell 24 cents, or just over 5 percent, to $4.34 in after-hours trading following the release of third-quarter financial results.