Cinemark Revenue All but Evaporates, but Still Beats on Earnings
Theater owner Cinemark Holdings (NYSE: CNK) reported the coronavirus pandemic obliterated its second-quarter revenue, which plummeted 99% to just $9 million. But its loss of $170 million for the quarter, or $1.45 per share, actually beat Wall Street's forecast for a loss of $1.59 per share.
Cinemark's theaters have been closed since March 17. It has delayed their reopening several times, most recently in July, when it postponed the date once more after movie studios announced they were pushing back the releases of certain big-budget films.
Image source: Getty Images.
Source Fool.com
