Maryam Nawaz
The stocks for the movie theatre chain were soaring on Tuesday. AMC reported that its 2021 fourth quarter was the strongest in two years. The chain recorded the most profitable quarter at Pre-Covid Levels.
Adarm Aron, the company’s CEO and chair gave a statement that the 2021 results for AMC improved significantly as the year progressed, and the company ended the year with the strongest quarter in two years.
The Shares in AMC shot up 10.4% to $17.73. It’s probably safe to say that no one has seen a 13-month stock chart like that of AMC Entertainment Holdings. The company said revenue soared year over year from just $163 million in 2020 to $1.17 billion, which is slightly ahead of estimates.
The FactSet analysts surveyed the company’s unaudited financial results for the final three months of 2021 revealing sales of approximately $1.17 billion, ahead of the $1.09 billion. It would be the highest quarterly revenue in two years.
The struggling theatre operator became a leading meme stock and rocketed up more than 2,400% in early 2021. And even though it has been down more than 70% from that June 2021 peak, the stock has still returned 711% since the start of last year.
