AMC Pops After the Meme Stock Beats Earnings Expectations

AMC revenue beat expectations for the second quarter. (Victor J. Blue/Getty Images)

AMC Entertainment Holdings reported strong quarterly earnings early Monday underpinned by a rebounding box office, sending shares of the movie-theater chain sharply up in premarket trading.

The quarterly results beat expectations with a combination of a recovering industrywide box office and the solid performance of AMC and its subsidiary Odeon, CEO Adam Aron said in a statement.

Adjusted earnings per share came in at break-even on revenue of $1.4 billion, beating expectations for a loss per share of 7 cents on revenue of $1.3 billion, according to FactSet.

Admissions revenue per patron topped $12 for the first time, and food and beverage sales per guest jumped to a record $7.95, Aron noted.

Shares rose 11% to $3.24 in early trading. The meme stock is known for its erratic moves, often sparked by the speculation of retail investors on social-media forums.

Coming into Monday trading, shares were down 42% over the past 12 months.

Write to Elsa Ohlen at elsa.ohlen@barrons.com