: Cinemark stock drops after swinging to surprise loss, while revenue rises more than 150% to beat expectations #FinanceUSA #StockMarketNEWS Shares of Cinemark Holdings Inc. dropped 1.8% in premarket

@stockMarketNEWS 12 Days ago

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Cinemark stock drops after swinging to surprise loss, while revenue rises more than 150% to beat expectations #FinanceUSA #StockMarketNEWS
Shares of Cinemark Holdings Inc. dropped 1.8% in premarket trading Friday, after the movie theater operator swung to a surprise loss, while revenue more than doubled to beat expectations as attendance nearly tripled. The net loss was .4 million, or 61 cents a share, after net income of 2.4 million, or .19 a share, in the year-ago period. The FactSet consensus was for net earnings per share of 21 cents. Revenue grew 152.5% to 4.1 million, above the FactSet consensus of 5.4 million, as admissions revenue rose 148.8% to 1.9 million and concession revenue increased 160.5% to 6.0 million. Attendance climbed to 52.0 million from 19.1 million, while the average ticket price declined to .34 from .04 and concession revenue per guest slipped to .50 from .75. "Continued improvement in consumer sentiment, as well as a more consistent release cadence of compelling new films with broad consumer appeal and an exclusive theatrical window, yielded the highest quarterly box office since the inception of COVID-19," said Chief Executive Sean Gamble. The stock has soared 28.2% over the past three months through Thursday, while the S&P 500 has ticked up 0.1%.

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