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AMC Entertainment Holdings Inc.
WEB 642 123 2370 After hours May 13 at 759 PM EDT.
AMC Entertainment Holdings Inc., the largest movie theater chain in the United States, reported its first-quarter earnings on May 12, 2023. The company beat revenue estimates but missed earnings per share expectations. AMC's revenue for the quarter was $1.17 billion, up from $716.6 million in the same quarter last year. The increase in revenue was driven by higher ticket sales and concession revenue.
However, AMC's net income for the quarter was $214.6 million, down from $245.3 million in the same quarter last year. The decrease in net income was due to higher expenses, including marketing and advertising costs.
AMC's stock price has declined by 47% year-to-date. The stock fell by 5.7% on May 13, 2023, after the company reported its earnings.
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