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AMC Entertainment posts revenue decline due to fewer big releases
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AMC Entertainment posts revenue decline due to fewer big releases
Nov 9, 2024 11:41 AM

Nov 6 (Reuters) - AMC Entertainment ( AMC ) on Wednesday

reported a fall in third-quarter revenue and saw a decline in

attendance at its theater chain, hurt by fewer blockbuster

releases from Hollywood studios.

Shares of the Leawood, Kansas-based company fell over 5% in

extended trading.

Strikes by actors and writers last year forced filming and

post-production work to shut down for months, leaving gaps in

this year's movie schedule.

Customers are also cutting back on discretionary spending

due to macroeconomic uncertainty.

CEO Adam Aron was optimistic about the future, saying that

AMC expects the industry-wide box office to markedly rise at

year-end and in the next two years.

Revenue for the third quarter stood at $1.35 billion, down

4.1% from $1.41 billion, a year ago. Analysts expected revenue

of $1.33 billion, according to data compiled by LSEG.

Attendance in theaters fell 11.5% to 65,087, from 73,576 in

the same quarter of last year.

AMC reported a net loss of $20.7 million for the quarter

ended Sept. 30, compared to net earnings of $12.3 million, a

year ago.

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