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AMC tops earnings estimates, stock rises premarket

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Yahoo Finance Live anchors discuss first quarter earnings for AMC.

Video Transcript

JULIE HYMAN: Here's sort of the inverse of Peloton-- a company where nobody had a place to go during the pandemic, the movie theater. And now they're coming back. So that was sort of the story of AMC during the quarter. But they are still not back to the same levels that they were in 2019. Nonetheless, the Street is cutting AMC a break today, or maybe the apes are cutting AMC a break.

As we reported yesterday, retail traders now have-- they've erased all of the gains that they made during the sort of meme stock frenzy of last year. So $0.52 was the loss for AMC. $0.62 is what analysts had been predicting. And revenue of about $786 almost-million beat estimates as well. And there are some blockbusters coming.

"Top Gun," which I know Soz and I are excited about. I imagine you're excited about that too, no?

BRAD SMITH: I mean, it's--

JULIE HYMAN: Probably not the same nostalgia factor for you, Brad.

BRAD SMITH: Not the same. But, I mean, this year is going to be a can't-lose. Like, no-- you have no excuses type of year, with the summer releases that are coming.

JULIE HYMAN: Well, we'll see, won't we? We'll see. I mean, receipts for the year are still 40% below 2019 levels. So yes, you can have a lot of blockbusters and you can charge a lot for tickets, but we'll see at the end of the day if it does get back to the same level. By the way, on the call, he also talked a lot about the sort of social media management and his-- Adam Aron, the CEO, has been very forward-facing.

He has cultivated the retail investors in the company.

BRIAN SOZZI: The chief ape.

JULIE HYMAN: The chief ape. Silverback.

BRIAN SOZZI: Admitted, that's what he--

JULIE HYMAN: They call him Silverback.

BRIAN SOZZI: Silverback.

JULIE HYMAN: Like, he's the gorilla-- he's the chief gorilla, right. Like, that's what they call gorillas in the wild. The silverback is the patriarch of the gorilla group.

BRIAN SOZZI: You learn something new every day here at Yahoo Finance.

JULIE HYMAN: Yeah, this is the deal. He's the-- yeah. So anyway. But he talked about getting mail from these people. And he's like, it's a lot. He said, I understand your passion for the company and your anger at short sellers. Like, we're working on it.

BRIAN SOZZI: Hey, I don't feel too bad. I mean, this guy is getting well-paid. But I will note this on the conference call that I felt excited about. By the fourth quarter of this year, AMC might be launching its own popcorn brand in retail stores. I'm pretty excited about that. Sometimes earnings analysis doesn't have to be all boring and just ridiculous. I like that they're getting into the popcorn market. Look out, Orville Redenbacher.

BRAD SMITH: Yeah, OK. So after buying out the mining business earlier this year, or at least that 22% stake in them, now just have to go after poporn.

BRIAN SOZZI: I'm all for picking up AMC popcorn at Walmart and Target. I think it would be a great experience, and, you know, I love it.

JULIE HYMAN: I have a life hack for you. Just quickly. It is insanely easy to make your own popcorn.

BRIAN SOZZI: To make your own popcorn.

JULIE HYMAN: Like, ridiculously easy.

BRIAN SOZZI: We've been working together for too long. I knew you were going to say that.

JULIE HYMAN: Yeah. OK. Sorry, Brad.

BRAD SMITH: No, it's all good. I was just going to say, AMC also shouting out "Batman" and is thanking it for the best first quarter in two years.

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