Cinemark Reports $99 Million Loss Despite ‘Avatar 2’ Box Office Success
24.02.2023 - 14:55
/ thewrap.com
While the box office climbed out of its August/September slump during the final quarter of 2022, Cinemark still reported a quarterly loss of $99.3 million, or 82 cents per share, amid a sluggish Thanksgiving holiday and a Christmas hampered by winter storms throughout much of the U.S.Cinemark reported quarterly revenue of $599.7 million, a 10% drop from last year’s $666.7 million, and well below Q3’s $650 million. The results came in ahead of the average Wall Street estimate for $568.5 million in revenue, according to Zack’s Investment Services.
The company reported an 82 cents loss per share, much steeper than the 34 cents per share loss projected by Wall Street. The last three months of 2022 saw the release of two of the biggest box office hits of the post-shutdown era with “Black Panther: Wakanda Forever” and “Avatar: The Way of Water,” both of which grossed over $400 million in North America during the quarter.
But outside of those films, the only other movie to gross over $100 million domestic in the quarter was Warner Bros.’ “Black Adam” with $168 million, with Paramount’s “Smile” coming close with $97 million. Universal’s “Ticket to Paradise” was a distant fifth with $68.2 million.
Worsening matters were a series of harsh winter storms during Christmas weekend, diminishing turnout during what is a critical holiday period for movie theaters. Because of this and a lower number of tentpole hits, the fourth quarter of 2022 saw its domestic total only reach $1.77 billion, down 14% from last year when pandemic delayed titles like “Venom: Let There Be Carnage,” “No Time to Die” and the wildly popular “Spider-Man: No Way Home” pushed quarterly totals past the $2 billion mark.
The website popstar.one is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can
send a complaint on the news if you find it unreliable.