AMC announces 45-day theatrical window for new Warner Bros. movies in 2022 -- and you'll be able to buy your ticket with bitcoin.
AMC Entertainment Holdings Inc. reported a narrower quarterly loss late Monday as people returned to its movie theaters and even splurged on its marked-up drinks and snacks, but the company tempered its optimism, saying that a Hollywood happy ending is far from certain.
“We are still losing money. We are still burning cash. We’re burning less of it,” Chief Executive Adam Aron told investors on a call about the results. “So we’re not out of the woods yet. We do still live in a COVID-infected world.”Shares of AMC AMC, +3.36% rallied more than 5% in the extended session, after ending the regular trading day up 3.4%. AMC shares have gained nearly 1,500% so far this year, compared with gains around 18% for the S&P 500 index SPX, -0.09%.
Aron also said AMC has added — or is in the process of adding — 10 more movie theaters, including eight former Arclight/Pacific locations that were closed earlier this year. AMC is one of the so-called “meme stocks,” getting boosted on popular social-media forums, and in the company’s release accompanying results, CEO Aron alluded to that support numerous times, all the while making quips about the movie-going business.
New blockbuster movies released in the quarter helped the company’s bottom line, and “fortunately for us, as guests returned to our theaters, they splurged on our food & beverage offerings, which admittedly is quite a high-margin business,” he said.
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