(Reuters) -AMC Entertainment Holdings Inc on Monday beat Wall Street estimates for quarterly revenue, as movie buffs returned to theaters for new releases such as “Shang-Chi and the Legend of the Ten Rings” and “Black Widow”.
Rising COVID-19 vaccinations and easing curbs are enticing consumers back to the big screen after months of shutdown during the pandemic, when they had resorted to streaming new releases from home.
Marvel’s “Shang-Chi” was one of the biggest grossers since the pandemic and broke a box-office record for the Labor Day weekend.
AMC’s net loss narrowed to $224.2 million, or 44 cents per share, for the third quarter ended Sept. 30, from $905.8 million, or $8.41 per share, a year earlier.
Revenue at the company, one of the “meme stocks” that has gained exponentially this year, rose to $763.2 million in the third quarter, from $119.5 million a year earlier.
Analysts on average had expected revenue of $708.3 million, according to IBES data from Refinitiv.
(Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath)
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