New blockbuster films like “Fast 9” and “A Quiet Place Part II” bolstered revenues atEntertainment, even as the reemergence of a new and highly contagious variant of coronavirus threatened to undue the theater industry’s recent gains. A better-than-expected earnings report sent shares of the company surging in after-hours trading, though that enthusiastic response is to be expected given AMC’s new status as a meme stock.
The comparisons were understandably stark. At this point last year, many of AMC’s locations were shuttered, movies weren’t being released theatrically and COVID-19 was raging unchecked through the country. AMC’s attendance numbers reflect that story. Admissions for the three-month period ending in June hit 22 million. Last year at this point they stood at 100,000.
None of those concerns matter to AMC’s most ardent investors. AMC is currently experiencing the benefits of being embraced as part of a Reddit-fueled retail investment revolution. It’s one that has also lifted the likes of GameStop, BlackBerry and other companies, enabling them to slip the surly bonds of balance-sheet based metrics to trade on populist sentiment. True to form, AMC’s stock rose more than 7 percent on news that it had handily beaten projections.
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