AMC stock soars: "The Odyssey" delivers blockbuster weekend
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An AMC movie theater in Midtown Manhattan. Photo: Erik McGregor/LightRocket via Getty Images
AMC Entertainment shares soared Monday after a blockbuster showing for "The Odyssey" and a strong earnings report signaled that the movies have completed a journey of their own — back from the brink.
Why it matters: The pandemic bludgeoned the movie theater industry — and triggered the bankruptcies of multiple chains — while the surge of streaming services threatened to deal the final blow.
Driving the news: AMC's stock was up 24% in afternoon trading after the company reported a 14% increase in revenue in the second quarter and $104 million in adjusted net earnings, up from a small loss a year earlier.
- The chain also said more than 4.3 million people saw movies at its theaters worldwide Thursday through Sunday — including many who attended director Christopher Nolan's "The Odyssey," which hauled in $124 million domestically.
- The film enjoyed the best opening weekend box office showing for an R-rated movie at AMC since 2024.
Zoom in: IMAX — a separate company whose supersized screens were a popular way for moviegoers to see "The Odyssey" — saw its shares surge Monday morning before relinquishing those gains in the afternoon.
- Special format theaters — including IMAX — represent only 8% of AMC screens but accounted for more than 50% of ticket sales for the film, AMC CEO Adam Aron said on an earnings call.
- Aron said the company expects to add at least 100 more large screens, which currently fetch $6-$7 more per ticket than standard screens.
Reality check: Recent box-office disappointments have served as a reminder that the movies are still engaged in a fistfight for people's attention.
- Disney's live-action version of the animated "Moana" is expected to lose $100 million-$125 million after a disappointing showing at the box office, Deadline reported.
What's next: AMC is hoping to capitalize on next week's release of "Spider-Man: Brand New Day" and multiple holiday blockbusters, including "Avengers: Doomsday" and "Dune: Part Three."
