AMC Entertainment Holdings
exceeded Wall Street expectations for the first quarter.
The company reported a net loss of 52 cents per share without GAAP and revenue of $ 785.7 million. Analysts polled by FactSet forecast a net loss of 63 cents per share other than GAAP and revenue of $ 743 million.
increased by 2% immediately after the publication of its numbers.
This is breaking news. Read the AMC earnings overview below and check out more analysis soon.
AMC Entertainment Holdings’
The earnings report on Monday comes at a treacherous moment for meme stocks and the wider market.
The film company is expected to report results for the first quarter after the market closed on Monday. Shares of AMC (ticker: AMC) fell 7.3% to $ 12.75 in trading on Monday afternoon, making their decline from the beginning of the year to date at 53%.
For the first quarter report, analysts polled by FactSet expect AMC to report a net loss of 63 cents per share other than GAAP. The consensus estimate of sales is $ 743 million, reflecting the continued recovery of the box office.
Shares of AMC rose in March along with another Reddit favorite
(GME). Both stocks gained cult followers on the social media platform, especially after stocks of high-growth companies rose in January last year amid increased interest from retail investors. Both stocks still have online followers among users who believe stocks can return to levels they are not allowed to and squeeze funds by betting against them.
Both companies have capitalized on such enthusiasm by selling stocks to strengthen their balance sheets and invest in new ventures. Meme shares briefly returned to gains in March, shortly after AMC acquired a 22% stake in
(HYMC), which has gold and silver deposits in Nevada. Following AMC’s investment, the mining company successfully sold several shares and raised money.
AMC CEO Adam Aron collaborated with small investors online and republished their memes. During recent earnings calls, he answered shareholder questions and even implemented proposals such as accepting cryptocurrencies. The AMC plans to answer questions in its call scheduled for 5pm Eastern Time.
Meme stocks have not been spared amid a wider market downturn in recent weeks. Shares of AMC fell 56% since March 28, while shares of Hycroft fell 48%.
shares have fallen 47% since March 28th.
For AMC believers, the report is an opportunity for meme stocks to re-enter the trend on social media. The AMC launched significant growth in the weeks following its first quarter report in May 2021, but such gains were short-lived and met with a much friendlier background for stocks.
Write to Connor Smith at [email protected]