AMC Entertainment stock made gains early Monday as the movie-theater chain said October was its best month for revenue since the Covid-19 pandemic began.
The company said ticket-admission revenues at its U.S. cinemas last month were the highest since February 2020—the month before theaters across the country closed due to the pandemic. It was the same when it came to international theater locations, the company added.
The meme stock, a favorite among retail investors on Reddit, was 2.6% higher in premarket trading. While the stock’s performance—up more than 1,500% year-to-date—has been largely disconnected from physical reality and the wider industry’s fortunes, investors will nonetheless be eagerly anticipating AMC’s (ticker: AMC) third-quarter earnings, expected this week.
AMC’s rival IMAX (IMAX) said last week it had its best October on record, largely thanks to sci-fi film Dune and pent-up audience demand. However, the stock fell 6% Friday despite the company reporting a smaller-than-expected loss and a slight revenue beat.
AMC’s update, which noted that the domestic industry box office for October would be “considerably higher” than any other month since February 2020, helped the wider sector on Monday. IMAX stock climbed close to 2% in premarket trading, while Cinemark (CNK) was 1.3% higher.
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