Earnings: AMC Races Past Analyst Estimates

AMC announces plans to accept Bitcoin as a form of payment as it beats earnings estimates.

Wassup Hisa Fan,

Monday kicked off with earnings across various sectors in the U.S Markets. Of major watch was the S&P 500, with 93% of companies listed on the S&P 500 already releasing their results as at close of market yesterday.

AMC Entertainment, the cinema operator was in the limelight, having positioned itself as a meme stock with most retail investors developing interest over the stock. AMC beat analyst estimates to come out with a quarterly loss per share of $0.71 against the Zacks Consensus Estimate of a loss per share of $0.91.

AMC’s shares have rallied by over 1445% since the beginning of the year, making it one of the top investor return counters on the S&P 500 in terms of year to date returns.

How about Paying for that Movie via Bitcoin?

That’s right! AMC announced that they are setting up and will have the technology in place to receive payment in bitcoin by the end of the year. The Bitcoin service will serve as payment for movie tickets and concessions.

With the integration of other payment providers such as MasterCard & visa warming up to payments via cryptocurrencies, AMC expects an easier “buy-in-exit” transaction from the bitcoin service.

AMC also announced a deal with Warner Brothers for an exclusive theatrical window of 45 days prior to home release for all Warner Brother films in 2022, this is huge!!

In stock performance, AMC closed Monday’s trades with more than 50% off its $72.62 high but gained as much as 10% during after trade hours to highs of $37.20 before paring some gains.

That’s it from us.

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