AMC Entertainment (American Multi-cinema) is one of the oldest entertainment theaters in the USA. They have also become the largest cinema theater in the world after acquiring the ownership of Odeon and UCI Cinemas.
The company has 353 theatres in European countries, consisting of 2,807 screens, whereas in the USA, there are 593 theatres with 7,755 screens.
About six days ago, AMC Entertainment (NYSE: $AMC) touched the lowest 52-week value of $6.52 per share. Moreover, the stock is down by 76.57% year-to-date, which shows a clear sign that AMC’s stock is struggling to regain their value.
AMC Stock Start to Go Up-Hill Again After Reaching its Low Point
AMC Stock started to move again after hitting their lowest of 52 weeks of $6.52 per share. At the time of writing, AMC stocks have gained over 6.70% in the last 5 days, reaching a new price per share of $7.17.
Furthermore, AMC stock hasn’t been doing well lately. It also dropped nearly 20% on 9th November as well after the company announced that. The entertainment cinema stock price seems to be affected by the strikes of writers and actors.
In less than a year, the price of AMC stock has price has faced a massive decline of 49.12% per year. The stock price was $63.22 in last December.
AMC Set to Face Another Bad Year After Positive 2nd & 3rd Quarter
Despite winning in September in terms of revenue, AMC stock struggles. Furthermore, AMC revenue increased by 45.18% in September (year-over-year). The revenue increased to $1.41B in September from $1.35B in June 2023.
AMC did really well this year in terms of revenue making, thanks to popular movies like Barbie and Oppenheimer. People thought movie theaters were going down, but AMC proved them wrong with a comeback.
However, the recent strikes from Hollywood actors and writers have served as the company’s downfall.
Adam, The Chief Executive Officer of AMC, says, “There has been and will be much collateral damage from these lengthy work stoppages. For the benefit of all involved in the movie ecosystem, AMC believes this months-long disharmony needs to come to an end now. Whether one thinks of a studio executive or a union member in the creative community, it is ever so important that everyone in Hollywood returns to the task of creating world-class entertainment that is admired and greatly enjoyed the world over.”
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