missed Wall Street’s third-quarter earnings projections due to what it called “a temporary slowdown in the Hollywood pipeline,” but edged revenue estimates thanks to a string of local-language blockbusters.
The company’s net loss of 5 cents a share marked an improvement from 8 cents in the year-ago period, but was worse than the Street’s expectation for a 3-cents-a-share profit. Revenue of $68.8 million climbed 21% over the year-earlier quarter and managed to beat analysts’ consensus outlook for $68.39 million. A key revenue driver was gross
, which increased 25% to $177.1 million, with nearly one-third of it coming from local-language fare.The film technology and large-format exhibition company sounded an optimistic note about “tailwinds” in the fourth quarter, singling outsequel is the first of four planned follow-ups to director James Cameron’s effects-laden fantasy film, which scored more than $270 million at Imax locations en route to the top gross in movie history.
Imax system installations are ramping up in the fourth quarter, the company said, with between 80 and 100 due for all of 2022, which would be an uptick from 75 in 2021.
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