People walk past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021.
AMC Entertainment Holdings said on Thursday its business was expected to improve in the coming months as the mass rollout of COVID-19 vaccines draws moviegoers back to the cinema chain’s theaters.
A strong slate of big-budget movies, including “Fast & Furious” film “F9” and Marvel’s “Black Widow,” in the summer is expected to fuel a rebound in box-office sales after the pandemic-driven slump in 2020.
“We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months, Chief Executive Officer Adam Aron said in a statement.
However, the company’s revenue fell to $148.3 million in the quarter ended March 31, from $941.5 million a year earlier, missing a Refinitiv IBES estimate of $153.43 million.
Its net loss shrunk to $567.2 million, or $1.42 per share in the quarter, from a loss of $2.18 billion, or $20.88 per share, a year earlier.
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