Summary by Futu AI
AMC Entertainment, the world's largest theatrical exhibition company, reported a challenging financial performance for the quarter ending June 30, 2024. Total revenues decreased by 23.5% to $1,030.6 million compared to the same period last year, primarily due to a 24.1% drop in admissions revenue and a 24.8% decline in food and beverage revenue. The decrease in attendance was attributed to the impact of the Writers Guild of America and Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. Operating costs and expenses saw a 14.7% reduction, mainly due to lower film exhibition costs and food and beverage costs. Net loss for the quarter was $32.8 million, a significant shift from the $8.6 million net earnings reported in the previous year. The company's liquidity concerns...Show More