"AMC's journey to this pandemic has not ended and we are still not out of the woods," Adam Aron, CEO of AMC, stated in a Monday statement. "But, although there are no guarantees about the future in an infection-impacted world," CEO Adam Aron said Monday. One can however look ahead and imagine a happy Hollywood end to this story.AMC reported a net loss in the amount of $344 million or 71c per share. This compares to a loss of $561.2million or $5.38 per shares a year ago. According to Refinitiv data, analysts had predicted that the company would lose 91c per share.Based on an analysis of analysts by Refinitiv, here's what the company reported in comparison to what Wall Street expected.Shares of AMC Entertainment rose nearly 6% after the company posted a narrower-than-expected loss during the second quarter.All 593 U.S. theaters of AMC were open to the public as of June 30, and 335 international theaters (roughly 95%) were operational by the end of June.Aron stated Monday that "We aren't taking a victory lap" and that "we are not winning money". "But we can see the light at the end."Aron stated that the company anticipates being profitable in the fourth quarter 2021 as long as domestic box office is at least $5.2 million.According to AMC, AMC had approximately $1.8 billion in cash and $2 billion in liquidity as of June 30. The company can use these funds to purchase or rent theaters, as well as to upgrade existing theaters with better seating and amenities.The company is expanding the number of screens that it operates. It took over two Los Angeles locations during the second quarter: The Grove's 14-screen cinema in Fairfax, and Americana at Brand, Glendale. These two locations were previously operated by Pacific Theatres. They are now owned by Caruso, a real estate company. The terms of the lease were not disclosed by AMC.The Grove was the second-highest-grossing cinema, while the Americana was fifth. These theaters will be reopened by AMC in August.Stock fans, also known as "apes," have driven the stock to record heights for months. These investors, who are often heavily shorted stocks such as AMC, have been bullish and continue to be bullish. They also use their increasing numbers to make waves at Wall Street.The retail investors have helped millions of people invest in the company's shares, causing it to surge nearly 1,500% over January. The stock closed Monday at $33.80. This is a half-off from its peak of $72.62 in June.This is breaking news. Keep checking back for more updates.
