Summary by Moomoo AI
AMC Entertainment, the world's largest theatrical exhibition company, reported mixed financial results for the quarter ended March 31, 2024. Total revenues slightly decreased by 0.3% to $951.4 million compared to $954.4 million in the same period last year. Admissions revenue saw a minor decline of 0.7%, while food and beverage revenue dropped by 2.3%. However, other theatre revenues increased by 8.8%. The company experienced a net loss of $163.5 million, an improvement from a net loss of $235.5 million in the previous year, marking a 30.6% reduction in losses. The decrease in net loss was attributed to reductions in general and administrative expenses, depreciation, and amortization expenses, and an increase in other income. AMC highlighted the impact of labor stoppages, including the Writers Guild of America and the Screen Actors...Show More