AMC Entertainment Holdings
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AMC Entertainment Holdings, Inc. (AMC) shares are trading lower in after-hours trading on Tuesday. The stock is currently down 2.5% at $15.90 per share. The decline in AMC's stock price comes after the company reported a wider-than-expected loss in its latest quarterly earnings report.
AMC reported a loss of $344.6 million in the first quarter of 2023, compared to a loss of $269.8 million in the first quarter of 2022. The company's revenue also declined during the quarter, falling from $1.22 billion to $1.05 billion.
The decline in AMC's earnings and revenue was primarily due to the ongoing impact of the COVID-19 pandemic. The pandemic has led to a decline in movie theater attendance, which has hurt AMC's business. AMC has also been hurt by the rise of streaming services, which have given consumers more options for watching movies and TV shows at home.
Despite the challenges, AMC remains optimistic about the future. The company believes that the pandemic will eventually subside and that movie theater attendance will rebound. AMC is also investing in new initiatives, such as its AMC+ streaming service, to drive growth.
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