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AMC Entertainment Holdings Inc. Quarterly Results Awaited

1 Mins read

Shares of AMC Entertainment Holdings Inc. have surged 5.9% on Tuesday, marking a three-day winning streak and the largest daily percentage increase since February 14th, with a rise of 6.9%.

Fourth Quarter Results Awaited

The movie-theater chain and original meme stock is set to report its fourth-quarter results after the market closes on Wednesday. According to analysts surveyed by FactSet, AMC is expected to report a fourth-quarter loss of 70 cents per share and revenue of $1.058 billion.

Positive Outlook for AMC

In a recent note, Wedbush analysts expressed optimism about AMC’s performance in the near future, anticipating share gains following the fourth-quarter results. However, they cautioned that 2024 could present some challenges for the company.

Growth Potential

Analyst Alicia Reese highlighted that AMC expanded its market share in 2023 and is well-positioned to build upon its current 22% market share. With a wide network of premium large-format screens and concert movie distribution, AMC has opportunities to drive revenue growth.

Success Factors

One of the key factors driving AMC’s share gains was the success of concert films like “Taylor Swift: The Eras Tour” and “Renaissance: A Film by Beyoncé.” The distribution of these films contributed to AMC’s market share growth in Q4 of 2023.

Market Performance

Despite recent struggles, AMC shares have fallen 29.6% in the last three months, while the S&P 500 index has seen a gain of 11.3%.

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