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AMC Stock Soars on Bullish Holiday Quarter Outlook
Shares of movie theater chain AMC Entertainment (AMC - Free Report) soared almost 16% on Tuesday before closing up 5% after announcing bullish preliminary results for its upcoming fourth quarter report. AMC now expects revenue to hit $1.172 billion, which is better than the $1.09 billion analysts were forecasting. This revenue figure would also trounce the year-ago number of $162.5 million.
Net loss is expected to range from $194.8M and $114.8M, and AMC also said that cash and cash equivalents came to $1.6 billion. Chairman Adam Aron said in a statement that “2021 improved significantly as the year progressed, and we finished the year with the strongest quarter in two years.”
The box office success of Spider-Man: No Way Home likely helped fuel AMC’s strong fourth quarter. The latest Marvel movie has grossed over $1.7B worldwide so far.
AMC has traded volatilely since the meme stock craziness of early 2021. Shares are up about 27% over the past one-year period, and the company holds a market cap of $8.7 billion.