Earnings Results: AMC stock tumbles after reporting 12th consecutive quarterly loss

by | Nov 8, 2022 | Stock Market

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. The movie-theater chain and meme stock phenomenon 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 same period last year. On an adjusted basis, AMC
AMC,
+5.44%
reported a net loss of 20 cents a share, better than an adjusted loss of 27 cents a share a year ago. The company has not reported a profitable quarter on a GAAP basis since nearly a year before the pandemic, in the second quarter of 2019.

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. Related: Is the golden age of the meme stock rally over? The company’s stock fell between 4% and 6 …

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