Cinemark stock slips after wider-than-expected loss, while revenue jumps 12-fold to top forecasts

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Shares of Cinemark Holdings Inc. CNK, +8.22% fell 2.1% in premarket trading Friday, after the movie theater chain reported a wider-than-expected third-quarter loss although revenue topped forecasts, as a beat in concessions revenue offset a miss in admissions. The net loss narrowed to $77.8 million, or 65 cents a share, from $147.6 million, or $1.25 a share, in the year-ago period. The FactSet consensus for per-share losses was 59 cents. Revenue rose more than 12-fold, to $434.8 million from $35.5 million. Admission revenue grew 15-fold to $225.5 million, just below the FactSet consensus of $226.1 million, while concession revenue increased 18-fold to $164.3 million to beat expectations of $156.9 million. “As the pandemic further subsides, we remain confident in the future of theatrical moviegoing based on the unparalleled cinematic experience it provides coupled with a robust content lineup in the fourth quarter and beyond that features highly anticipated films with something for everyone,” said Chief Executive Mark Zoradi. The stock has rallied 33.2% over the past three months through Thursday while the S&P 500 SPX, +0.37% has gained 5.7%.

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

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