Imax Beats Wall Street Q2 Profit Forecast, But Revenue Slips Below $9M; Comeback Is Under Way, Company Insists

deadline.com:

Dade Hayes Finance EditorImax Corp. beat Wall Street analysts’ consensus forecast for a loss of 52 cents a share, but fell short of revenue expectations in a second quarter dominated by COVID-19.The company reported an adjusted net loss of 44 cents a share in the period ending June 30, compared with earnings of 32 cents in the prior-year quarter.

Analysts had been looking for a loss of 52 cents.Revenue ravaged by the pandemic came in at just $8.9 million in the period, a 92% plunge from a year ago and below the Street consensus of $9.8 million.While the second-quarter financial picture was grim, with theaters shut tight in the U.S.