Shares of AMC Entertainment Holdings (NYSE: AMC) fell 7% on Tuesday, following the release of the movie theater company's first-quarter earnings release.
AMC's revenue plunged 21.6% to $941.5 million, as coronavirus-related social distancing guidelines drove it to close all of its theaters on March 17. With little revenue coming in after that time, AMC posted an adjusted net loss of $231.6 million. AMC also recorded a $1.85 billion impairment charge, as it marked down the value of many of its theaters.
AMC Entertainment stock fell after its empty theaters generated large losses. Image source: Getty Images.
Source Fool.com