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The AMC 25 Theatres in Times Square in New York is seen on Tuesday, July 8, 2014. Richard Levine | Corbis News | Getty Images AMC Entertainment on Wednesday warned investors of declines in key metrics during the second quarter, sending shares down more than 5%. The company blamed last year’s actors and writers strike for a slowdown in theatrical releases which ultimately led to “weakness” in the quarter ended June 30. AMC’s preliminary results revealed revenue down more than 23% during the period to $1.03 billion. It also said it expects to post a net loss of $32.8 million compared to a profit of $8.6 million in the second quarter of 2023. Full results will be posted Aug. 2. “As we accurately predicted and previously disclosed, the prolonged actors and writers strikes of 2023 severely reduced the number of movies being released theatrically in the early months of 2024,” Adam Aron, chairman and CEO of AMC Entertainment, said in a statement. “This explains the weakness in our preliminary Q2 2024 results, as contrasted with the same quarter of a year ago.” The theatrical industry has gotten a boost in the last month after a pandemic-driven slump, as moviegoers have returned in droves for films like Disney and Pixar’s “Inside Out 2,” Universal and Illumination’s “Despicable Me 4,” Universal’s “Twisters” and the surprise indie horror flick “Longlegs” from Neon. “But if looking only at the full quarter, the lay observer might easily miss the incredibly good news that transpired within the second quarter,” Arons said. “Finally, moviegoing in theatres appears again to be on an upwards trajectory.” Still to come is the much anticipated release of Disney and Marvel’s “Deadpool and Wolverine,” which is expected to have the highest opening for an R-rated film in history and the highest opening…

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Filed under: News - @ July 24, 2024 4:14 pm