Why IMAX Shares Crashed on Wednesday

Shares of larger-than-life cinema technologist IMAX (NYSE: IMAX) closed Wednesday's trading session 10.6% lower. The company reported second-quarter results on Tuesday, falling short of Wall Street's revenue estimates.

Your average analyst had expected IMAX to report a net loss of $0.52 per share on revenues near $9.8 million. The final net loss was smaller at $0.44 per share but sales fell 92% year over year to $8.9 million. The COVID-19 health crisis slammed the brakes on IMAX's revenue generation in March, and the company is recovering slowly from that situation.

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Source Fool.com