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Theater chain AMC posts quarterly revenue above estimates
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Theater chain AMC posts quarterly revenue above estimates
May 8, 2024 2:13 PM

May 8 (Reuters) - AMC Entertainment ( AMC ) on Wednesday

beat analysts' estimates for first-quarter revenue, as films

like "Dune: Part Two", "Civil War" and "The Fall Guy" brought

audiences to the world's largest theater chain.

Shares of the Leawood, Kansas-based company fell about 1% in

extended trading.

The company reported a fall in quarterly revenue that was

cushioned by March launches of movies such as the fourth sequel

of "Kung Fu Panda" and the second installment of the

star-studded science fiction epic "Dune", featuring Timothee

Chalamet and Zendaya.

AMC turned to alternative content in push ticket sales

as production halts due to the dual strikes of writers and

actors delayed the launch of a slate of movies this year.

The company said in January that pop star Taylor Swift's

"The Era's Tour" concert film had earned more than $261.6

million globally, becoming the top grossing concert film or

documentary ever.

Beyoncé's Renaissance concert film too helped in the

fourth quarter of last year and in the first three months of

2024.

Revenue for the first quarter stood at $951.4 million, down

from $954.4 million, a year ago. Analysts expected revenue of

$871 million, according to LSEG data.

AMC's net loss narrowed to $163.5 million in the quarter

ended March 31, from $235.5 million, a year ago.

Attendance in theaters fell 2.1% to 46.6 million, from

47.6 million, in the same quarter of last year.

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