Cinemark Follows AMC in Seeing Movie Theater Revenue Evaporate
The fallout from the coronavirus pandemic continues to ravage the movie theater industry as Cinemark Holdings (NYSE: CNK) reported third-quarter financial results Thursday that showed its revenue has all but vanished.
The theater operator said total revenue was just $35.5 million, a 96% evisceration from last year when it recorded $821.8 million in revenue. It also reported a net loss of almost $148 million, or $1.25 per share, compared to a profit of $31.4 million, or $0.27 per share, a year ago. However, Cinemark beat the consensus estimate of a loss of $1.35 per share.
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Source Fool.com
