Delivering yet another indicator that the ongoing pandemic will permanently alter the way movies are consumed, publicly traded exhibition chain AMC Theaters just reported a stunning $905.8 million loss in the third quarter.
The July-September period is usually when exhibition chains make hay. But the pandemic ravaged AMC saw revenue drop 90.9% from a Q3 2019 period during which it raked in $1.3 billion. The chain made only $119.5 million in sales during this year’s third quarter, during which most of the chain's theaters where shuttered.
Revenue was actually in line with Wall Street’s expectations. But how long can the nation's biggest movie chain sustain these kinds of hits?
Also on Monday, AMC announced that it’s raising $47.7 million in cash to stay open. Its shares plunged on the news.
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