(Reuters) -AMC Entertainment on Wednesday beat analysts’ estimates for first-quarter revenue, as films like “Dune: Part Two”, “Civil War” and “The Fall Guy” brought audiences to the world’s largest theater chain.
Shares of the Leawood, Kansas-based company fell about 1% in extended trading.
The company reported a fall in quarterly revenue that was cushioned by March launches of movies such as the fourth sequel of “Kung Fu Panda” and the second installment of the star-studded science fiction epic “Dune”, featuring Timothee Chalamet and Zendaya.
AMC turned to alternative content in push ticket sales as production halts due to the dual strikes of writers and actors delayed the launch of a slate of movies this year.
The company said in January that pop star Taylor Swift’s “The Era’s Tour” concert film had earned more than $261.6 million globally, becoming the top grossing concert film or documentary ever.
Beyoncé’s Renaissance concert film too helped in the fourth quarter of last year and in the first three months of 2024.
Revenue for the first quarter stood at $951.4 million, down from $954.4 million, a year ago. Analysts expected revenue of $871 million, according to LSEG data.
AMC’s net loss narrowed to $163.5 million in the quarter ended March 31, from $235.5 million, a year ago.
Attendance in theaters fell 2.1% to 46.6 million, from 47.6 million, in the same quarter of last year.
(Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)
