AMC Entertainment Holdings (NYSE: AMC) stock rose in the early trading hours Tuesday following upbeat remarks from Aron.
AMC Entertainment (AMC) grabbed headlines on Tuesday following CEO Adam Aron’s upbeat comments regarding the recovery of the box office, particularly over the Easter weekend.
Aron took to social media platform X (formerly Twitter) to share his enthusiasm, initially highlighting the eminent opening night of “Godzilla x Kong: The New Empire.” He further underscored the positive momentum by noting that March marked the best performance for the box office in half a decade.
In his X post, Aron expressed,
“Happy Easter everyone […] My good news on this Easter Sunday is that in March, the domestic industry box office finally turned upwards. The best March in five years […] This is so encouraging in looking at the movie slate deeper into 2024. Many superb movies are coming.”
The March 2024 box office tally reached $752.53 million, marking a 17.9% increase year-over-year (YOY). This growth builds on the positive trajectory observed from March 2022 to March 2023, which saw an 8.3% increase. Despite not yet reaching pre-pandemic levels, such as the March 2019 box office totaling $962.71 million, the recent surge signals a promising recovery for movie theaters.
AMC (NYSE: AMC) Stock Reaction
AMC stock rose 1% to $3.15 in the early trading hours on Tuesday. The traders have exchanged hands with 9,035,357 (9.03 million) shares compared to the average daily trading volume of 14.89 million.
