AMC Stock Plunges Over 10% as Revenue Falls Short
Earnings Report Shows Company on Track for Growth But Q1 Revenue Lags
Company Stock Price Reacts Negatively to Earnings News
NEW YORK, NY (July 14, 2024) - AMC Entertainment Holdings, Inc. (AMC) reported its financial results for the first quarter of 2024 today, revealing a 459% decline in earnings per share compared to the same period last year. The company's revenue also fell short of analysts' expectations, contributing to a significant decline in its stock price.
AMC's revenue for the quarter was $948.3 million, a decrease of 20.1% from the $1.19 billion reported in Q1 2023. This shortfall was primarily attributed to a drop in attendance and concession sales at the company's domestic theaters.
Despite the decline in revenue and earnings, AMC remains optimistic about its long-term prospects. The company's streaming platform, AMC+, continues to gain subscribers, and its focus on premium movie formats is expected to drive future growth.
However, investors reacted negatively to the earnings news, sending AMC's stock price down more than 10% in pre-market trading. The company's stock is currently priced at $9.23 per share, a significant drop from its 52-week high of $27.19.
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