(Reuters) -Theater chain AMC Entertainment Holdings Inc beat estimates for fourth-quarter revenue on Tuesday as box-office hits such as “Spider-Man: No Way Home” brought people back to the movies.
Long-awaited releases including the James Bond film “No Time To Die” and Marvel’s “Venom: Let There Be Carnage” also helped AMC recover from pandemic restrictions that had brought movie-going to a standstill.
Revenue for the quarter ended Dec. 31 was $1.17 billion. Analysts on average expected $1.10 billion, according to IBES data from Refinitiv.
Net loss narrowed to $134.4 million, or 26 cents per share, from a net loss of $946.1 million, or $6.21 per share, a year earlier.
AMC’s stock leapt more than 1,150% last year, largely driven by an army of retail investors coordinating their buying on forums such as Reddit’s WallStreetBets.
(Reporting by Chavi Mehta in Bengaluru; Editing by Devika Syamnath)
