AMC Entertainment Holdings Inc's shares fell about 9 per cent on Wednesday after the company's results underscored fears that theatre-going would not return to pre-pandemic levels anytime soon as rising cost-of-living bites.
"This is AMC's fourteenth consecutive quarterly loss and the market is punishing the shares for that fact," Hargreaves Lansdown analyst Sophie Lund-Yates said. Wedbush Securities analysts expect 2023 box office to be down 24 per cent from 2019 levels. AMC, however, said it expects box office will not return to pre-pandemic norms before 2024 or 2025 at the earliest.
Streaming became the preferred way to watch movies since the pandemic, Lund-Yates said, adding that the cost-of-living pressures were weighing on theatre operators.
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