Why AMC Stock Jumped Today
Shares of AMC Entertainment (NYSE: AMC) have jumped today, up by 6% as of 12:55 p.m. EDT, after the movie theater chain reported second-quarter earnings. As expected, COVID-19 absolutely decimated revenue and earnings, but the company is optimistic about reopening its theaters soon.
Q2 revenue plunged by an astonishing 99% to $18.9 million due to widespread closures and lockdowns throughout the period. The company's U.S. theater operations were suspended for the entire quarter, while international locations started to resume limited operations in June. At the end of the quarter, AMC had reopened 37 theaters in nine countries. That all translated into a net loss of $561 million, or $5.38 per share.
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Source Fool.com
