An AMC theater is pictured in Occasions Sq. within the Manhattan borough of New York Metropolis.
Carlo Allegri | Reuters
AMC Leisure on Wednesday reported a fall in third-quarter income and noticed a decline in attendance at its theater chain, harm by fewer blockbuster releases from Hollywood studios.
Shares of the Leawood, Kansas-based firm fell over 5% in prolonged buying and selling.
Strikes by actors and writers final yr compelled filming and post-production work to close down for months, leaving gaps on this yr’s film schedule.
Clients are additionally chopping again on discretionary spending on account of macroeconomic uncertainty.
CEO Adam Aron was optimistic in regards to the future, saying that AMC expects the industry-wide field workplace to markedly rise at year-end and within the subsequent two years.
Income for the third quarter stood at $1.35 billion, down 4.1% from $1.41 billion, a yr in the past. Analysts anticipated income of $1.33 billion, in keeping with knowledge compiled by LSEG.
Attendance in theaters fell 11.5% to 65,087, from 73,576 in the identical quarter of final yr.
AMC reported a web lack of $20.7 million for the quarter ended Sept. 30, in comparison with web earnings of $12.3 million, a yr in the past.
