AMC Entertainment Holdings Inc., the world’s largest theater chain, posted a narrower quarterly loss, beating analysts' estimates with results that nonetheless underscore the movie industry’s struggle to draw fans back to cinemas and compete with streaming options at home.
With theaters back open, the second-quarter loss shrank to 71 cents a share excluding items, AMC said Monday, better than the 94-cent loss analysts were predicting. Revenue soared to $444.7 million, from virtually nil a year ago, and was better than the $382.3 million that Wall Street had expected.
With second-quarter revenue less than a third of the summer-season peak of $1.51 billion two years ago, AMC needs more fans in seats to cut its losses. One of the biggest movies of the year, “The Suicide Squad,” opened to North American sales of about $27 million last weekend, a fraction of what major films normally do.