AMC Entertainment Holdings Inc: Pre-Market, Q2 Earnings, Social Sentiments, And More

AMC Entertainment Holdings Inc: Pre-Market, Q2 Earnings, Social Sentiments, And More

  • Total Revenue from Operations stood at $444.7 million
  • Adjusted EBITDA stood at $150.8 Million
  • Free cash flow at $251.7 Million

About AMC Entertainment Holdings, Inc.

AMC Entertainment Holdings, Inc. , with the pre-market session opening at a gap up of more than 10%, has reported its earnings for the quarter ending June 30 2021 yesterday.

AMC is the largest movie exhibition company in the United States, the largest in Europe, and the largest throughout the world with approximately 950 theatres and 10,500 screens across the globe.

Social Sentiments:

There has been a lot of talk about AMC on r/wallstreetbets which rose the share price by 1500% just with the help of retail investors. We recorded and scaled the social media discussions and the results were quite astonishing because of its very stagnant nature to stay at the top of dashboard which showcases the list of 20 most discussed stocks on different social media platforms (Reddit, Twitter, etc.)

Q2 Earnings reports and CryptoCurrency:

The earnings report of the meme stock ‘AMC’ revenue rose by 19% to $444.7 million beating all the market estimates. AMC said it sold 22 million tickets during the second quarter, up from just 7 million in the first quarter.

Its shares are up more than 1,500% year-to-date since it became a favorite on Reddit’s WallStreetBets, and the company has cashed in on the meme-stock frenzy by selling more shares. AMC Entertainment has gone through all the tough times but still, the numbers remain lagging behind 2019. Recent actions of the AMC CEO Adam Aron, like announcing free popcorn to all the shareholders, to now accepting Bitcoin for payments at AMC, have helped keep the company buzzing in social media.

“We’re quite intrigued by the potentially lucrative business opportunity for AMC if we intelligently pursue further serious involvement with cryptocurrency,” Aron said. He also discussed AMC exploring how else it can participate in the crypto economy as the company is eager to explore new opportunities.

Several other companies, including fast-food chains like Burger King and tech players like Xbox, are beginning to accept cryptocurrencies as payment.

“We are still losing money. We are still burning cash. We’re burning less of it, but we’re using cash, not generating cash. So we’re not out of the woods yet,” Aron said.