Why Cinemark Plunged Today
Shares of movie theater chain Cinemark Holdings (NYSE: CNK) were plummeting today, down 14.3% as of 2:11 p.m. ET.
Shares were lower following last night's earnings report, even though the company beat revenue expectations. It might have had something to do with management's commentary that the current quarter may be more challenged, thanks to an air pocket of new releases in August and September.
Cinemark actually posted a relatively strong second quarter, with revenue up 152.6% to $744.1 million, beating analyst estimates, as the theater chain strongly recovered from the pandemic. Management also noted the company outperformed the industry recovery by 3 percentage points and 4 percentage points internationally.
Source Fool.com
