Cinemark stock jumps on narrowing Q3 loss, revenue beat

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Cinemark Holdings Inc.’s CNK, +9.43% stock jumped 6.5% before market open Friday after the movie theater operator reported a narrowing third-quarter loss and significantly better-than-expected revenue. The company reported a loss of $24.5 million, or a loss of 20 cents a share, compared with a loss of $77.8 million, or a loss of 65 cents a share, in the year-ago quarter. Analysts surveyed by FactSet were looking for a loss of 16 cents a share. Cinemark’s third-quarter revenue was $650.4 million, up from $434.8 million in the same period last year, and above the FactSet consensus of $615.1 million. “Consumer behavior over the past year validates that moviegoing enthusiasm remains strong and vibrant across all categories of films and audiences,” said Cinemark CEO Sean Gamble, in the earnings release. “While August and September were challenged by a dip in content availability, we are pleased by year-over-year improvements in product flow throughout 2022, which have driven a 130% increase in North American box office year-to-date.”

This article was originally published by Marketwatch.com. Read the original article here.

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