Despite ‘Avatar 2’ Box Office Success, Imax’s Quarterly Revenues Fall

variety.com:

Brent Lang Executive Editor Sometimes it takes more than a pair of global blockbusters to shake off the lingering impact of a devastating public health crisis.

Quarterly sales and profits fell at Imax despite the commercial success of “Avatar: The Way of Water” and “Black Panther: Wakanda Forever.” The big screen company recorded revenues of $98 million, a 10% drop from the $108.6 million that Imax recorded in the year-ago period.

The company also recorded profits of $2.6 million, compared to the $10.1 million that Imax logged in the year-ago period. That came out to earnings of 19 cents a share, which failed to match the profits of the 31 cents that Imax recorded in the same period in 2021.

Still, shares of the company climbed more than 2% in after-hours trading on the better-than-expected results. Analysts had expected earnings of 19 cents per share and revenues of $95.7 million.