Despite the box office success of “Avatar: The Way of Water,” revenues at AMC fell 15% in the fourth quarter.
Despite the box office success of “Avatar: The Way of Water,” revenues at the world’s largest cinema chain fell 15% in the fourth quarter, topping out at $990.4 million. That was down from $1.17 billion in the prior-year period. Losses also widened, as AMC posted a net loss of $287.7 million, a steeper shortfall than the $134.4 million in losses it recorded a year ago. AMC lost 26 cents per share, compared to a loss of 13 cents in the same quarter in 2021.
That volatility is nothing new. AMC has often seen its share prices rise and fall independent of its financial results. The company, like GameStop, has been seen as a meme stock, one thats price was impacted by the sentiments of its army of retail investors, as well as by short sellers who believe that its shares are overinflated. At one point, AMC’s stock rode the enthusiasm to a high of $72.62 a share. It has since returned earthward, and now trades at over $7 a share.
AMC has attempted to find ways to expand its brand and launch new revenue streams as the theatrical box office has labored to come back from the pandemic. It has bought a stake in a gold and silver mine, partnered with Zoom to allow companies to book meeting spaces in its venues, and announced this week that it is launching a new line of microwave and ready-to-eat popcorn products that will be available at Walmart.
The company has fared better than Cineworld, its largest competitor, which was forced to file for bankruptcy in 2022 in the wake of the box office downturn. AMC chiefpredicted that the worst was behind the exhibition business, noting the influx of new major movies in 2023 and the continued improvement in worldwide ticket sales.
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