{"id":41097,"date":"2023-07-27T08:06:58","date_gmt":"2023-07-27T12:06:58","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/imax-shares-rally-after-earnings-beat-with-more-gains-from-oppenheimer-still-to-come\/"},"modified":"2023-07-27T08:07:00","modified_gmt":"2023-07-27T12:07:00","slug":"imax-shares-rally-after-earnings-beat-with-more-gains-from-oppenheimer-still-to-come","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41097","title":{"rendered":"Imax shares rally after earnings beat, with more gains from \u2018Oppenheimer\u2019 still to come"},"content":{"rendered":"
\n

Shares of Imax Corp. rallied after hours on Wednesday after the high-end movie-theater operator reported second-quarter results that beat estimates \u2014 helped by titles like \u201cSuper Mario Bros.\u201d \u2014 with more gains likely on the way as theater operators ride blockbusters like \u201cOppenheimer\u201d through the summer.<\/p>\n

The results, Imax
\n IMAX,
\n +2.84%<\/bg-quote>
\n executives said, landed as more moviegoers are showing a preference for seeing movies in \u201cpremium\u201d theaters following the shutdown of the industry during the pandemic. And they hit after \u201cOppenheimer,\u201d directed by Christopher Nolan, brought in $35 million for the theater chain across only 740 of its screens worldwide.<\/p>\n

\n

The company \u2014 whose massive movie screens and high-resolution film quality make for a rich audiovisual experience \u2014 reported second-quarter net income of $8.4 million, or 15 cents a share, contrasting with a loss of $2.9 million, or 5 cents a share, in the same quarter last year. Revenue jumped 32% to $98 million, compared with $74 million in the prior-year quarter.<\/p>\n

Adjusted for share-based compensation and taxes, Imax earned 26 cents a share. <\/p>\n

Analysts polled by FactSet expected Imax to report adjusted earnings per share of 16 cents, on revenue of $86.6 million. <\/p>\n

Shares of the company, which runs more than 1,700 theaters in more than 80 countries, rose nearly 6% after hours.<\/p>\n

Richard Gelfond, Imax\u2019s chief executive, said that the sales from \u201cOppenheimer\u201d over the past weekend represented a \u201cparadigm shift at hand in moviegoing.\u201d <\/p>\n

The movie-theater industry has suffered tremendously in recent years as a result of pandemic-related shutdowns and a broader shift to home viewing and streaming. The Hollywood writers\u2019 and actors\u2019 strikes, meanwhile, have left production in flux. Movie-theater operators are hoping that big releases like \u201cBarbie\u201d and \u201cOppenheimer\u201d can revive their fortunes and sustain them going forward. <\/p>\n

Earlier this month, Imax also cited a big sales bump from \u201cMission: Impossible \u2014 Dead Reckoning Part One.\u201d For the second quarter, which ended June 30, executives on Wednesday called out \u201cSuper\u00a0Mario Bros.,\u201d \u201cGuardians of the Galaxy Vol. 3\u201d and \u201cSpider-Man: Across the Spider-Verse\u201d as movie titles that helped results. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Imax Corp. rallied after hours on Wednesday after the high-end movie-theater operator reported second-quarter results that beat estimates \u2014 helped by titles like \u201cSuper Mario Bros.\u201d \u2014 with more gains likely on the way as theater operators ride blockbusters like \u201cOppenheimer\u201d through the summer. The results, Imax IMAX, +2.84% executives said, landed as […]<\/p>\n","protected":false},"author":1,"featured_media":41098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41097","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nImax shares rally after earnings beat, with more gains from \u2018Oppenheimer\u2019 still to come | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Imax Corp. rallied after hours on Wednesday after the high-end movie-theater operator reported second-quarter results that beat estimates \u2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=41097\" \/>\n<meta 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