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Cinemark Losses Narrow In Q2 As Post-Covid “Phenomenon” Takes Hold
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deadline.comCinemark posted narrower losses in the second quarter as CEO Mark Zoradi hailed the “phenomenon” of the movie business righting itself after the catastrophe of Covid-19.The company exceeded Wall Street analysts’ revenue estimates in the quarter, which ended June 30, though losses were a bit wider than expected.
Losses were $1.19 per share, compared with $1.45 in the year-ago period. Revenue of $294.7 million, up from just $9 million in the 2020 quarter, when theaters were shuttered in much of the world.“I’m pleased to report that the second quarter recovery of our industry and business progressed at a faster rate than we expected,” Zoradi said in the company’s earnings release. “For Cinemark, the second quarter improved so materially that
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