AMC's Barbenheimer revenue tempered by another stock sale
AMC's financial troubles upended what should have been a celebratory earnings season driven by the Barbenheimer phenomenon.
Why it matters: As the largest movie theater chain in the world, AMC's status is often viewed as a bellwether for the entire exhibition industry.
What's happening: Thanks to the twin performances of "Barbie" and "Oppenheimer," which both came out in the middle of July, AMC had its highest revenue ever for a third quarter.
- However, that box office smash was tempered recently by the sale of $350 million in stock — another step taken to shore up its wounded balance sheet.
- The sale, which printed last Thursday morning, sank AMC's stock price by 20%.
By the numbers: Barbenheimer was a boon for the theater business during the third quarter.
- Cinemark and Canada's Cineplex both saw record revenues for a third quarter.
- "Oppenheimer" became the fourth-highest-grossing film in Imax history and helped push the company to its highest-grossing summer ever in 54 countries, including the U.S.
What's next: Despite looming cash issues, AMC is looking at another strong quarter with Taylor Swift's and Beyonce's concert films, of which AMC is both a distributor and exhibitor.
- The end of the actors' strike saved AMC and other theaters from what would have been a disastrous 2024 summer movie season, though the lengthy work stoppage will still lead to more delays into 2025 and beyond.