Meme-stock legend AMC Entertainment Holdings (NYSE:AMC) is set to release its third-quarter earnings figures on Tuesday, November 8, in what will be a high-stakes sequel to the cinema chain’s second-quarter revenue surge.
But last quarter benefitted from a stand-out movie roster comprising Top Gun, Doctor Strange and Elvis; more recent titles have paled in comparison.
Net losses are to be expected, though by how much is up for debate.
Investment analysts at B. Riley Financial have lowered their revenue estimate to US$978mln from US$1.09bn for the quarter, simultaneously dropping their full-year guidance to US$4.17bn from US$4.44 billion.
Wall Street forecasts a 28% year-on-year rise in revenue to US$977.5mln, while adjusted EBITDA is expected to show a US$480,000 loss, down from the US$5.4mln of losses witnessed in 2022.
B. Riley reduced the AMC share price target from US$11 to US$7.50.
AMC’s US$28mln investment in Hycroft Mining will also be of interest, given that the Nevada-based precious metals mining company is currently facing a Nasdaq delisting should its share fail to regain US$1.
AMC’s share price tanked to pre-meme-stock-rally lows in August, when news of competitor Cineworld Group PLC (LSE:CINE)’s bankruptcy filing acted as a portent for the wider chain cinema sector.