AMC CEO on outlook: AMC will get quite involved in cryptocurrency


CNBC Television 10 August, 2021 - 03:19pm 22 views

When do AMC earnings come out?

AMC Earnings Date AMC Entertainment Holdings, Inc. is expected* to report earnings on 08/09/2021 after market close. The report will be for the fiscal Quarter ending Jun 2021. According to Zacks Investment Research, based on 3 analysts' forecasts, the consensus EPS forecast for the quarter is $-0.91. nasdaq.comAMC Entertainment Holdings, Inc. Class A Common Stock (AMC) Earnings Report Date

Aron said on the call that he learned about cryptocurrency while serving on the board of Centricus Acquisition Corp. and AMC’s interest in bitcoin is likely being driven by retail investors from Reddit’s WallStreetBets, which is behind the so-called “meme stock” craze. AMC became a meme stock along with GameStop after users on WallStreetBets set out to squeeze short-sellers on Wall Street who were targeting what the redditors saw as a beloved institution from their childhoods.

The energy consumption of bitcoin hasn’t drastically changed in 2021, so many interpret Musk’s flip flopping merely as an attempt to manipulate bitcoin’s price, a charge the billionaire strongly denies.

A recent job posting for Amazon hinted at the online retail giant’s interest in cryptocurrencies, but the company has denied that it’s planning to accept bitcoin in the near future. London’s City A.M. news outlet reported in July that Amazon was planning to accept bitcoin by the end of 2021 and might even develop its own coin by 2022, but Amazon says that’s not true.

Bitcoin is currently trading at $45,936, up 5.1% over the past 24 hours. The crypto has been heading north over the past few weeks after dipping below $30,000 in July, but it’s still substantially lower than its all-time-high of $63,729 back in April.

Bitcoin is volatile, to say the least, one of the main reasons it makes for a terrible currency. But if people want to pay in crypto, large companies will be happy to oblige. These corporations just need to figure out how to offload their holdings when the price is high, and you can bet someone is working on that right now.

I know the Delta variant stuck a knife in whatever intentions I had about going back to the theaters this year — was planning on making Spider Man my comeback.

If you’re into abandoned mall porn - lots of new content coming your way!

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AMC to accept bitcoin for payment, says CEO

Yahoo Finance 11 August, 2021 - 01:00am

AMC Stock Surges on Narrower Loss, Bullish Outlook and GameStop Speculation

TheStreet 10 August, 2021 - 05:29am

AMC CEO Adam Aron suggested the GameStop connection in a conference call with investors that laid out a host of initiatives, including the an exclusive agreement to show Warner Brothers films, am and plans to accept payment in bitcoin by the end of the year. 

Aron also suggested the group could return to the black in the fourth quarter, thanks in part to the same themes that drove the second quarter recovery: increased film attendance, rising average ticket prices, soaring food and beverage sales and an improving company balance sheet.

AMC shares were marked 4.4% higher in early trading Tuesday to change hands at $35.30 each. GameStop shares, meanwhile, jumped 1% to $162.65 each.

AMC's loss for the three months ending in June was pegged at 71 cents per share as revenues rebound by nearly 2,300% from last year to $444.7 million as theatres re-opened in the wake of the coronavirus pandemic. 

The headline loss was 20 cents inside the Street consensus forecast and up from a loss of $5.38 per share over the same period last year. Revenues beat the Street by around $62 million.

Aron also noted the group ended the quarter with just over $2 billion in total liquidity on its balance sheet, with around $1.8 billion of that comprised of unrestricted cash, thanks to share sales executed earlier in the year. 

AMC Will Start Accepting Bitcoin For U.S. Tickets, Concessions This Year

Yahoo News Canada 10 August, 2021 - 01:02am

The chairman and CEO of AMC Entertainment, Adam Aron, revealed yesterday that the company would start accepting Bitcoin. He made this known during the company’s Q2 earnings call yesterday, a move that would make it easy for people to further spend their bitcoins.

AMC Entertainment Holdings currently runs the largest movie theatre chain in the United States, and the company intends to start to accept BTC payments for tickets and concessions by the end of the year.

The chairman said, “We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe, and we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency.”

At the moment, it is unclear the technology AMC intends to use to process the payment. However, the adoption would be a big one for Bitcoin as AMC currently has 593 theaters in the United States and 335 international locations. If the move is successful, the company could look to start accepting BTC at other theater chains globally.

In addition to Bitcoin, Aron added that AMC Entertainment also wants to start accepting Apple Pay and Google Pay payments by the end of the year.

Bitcoin began 2021 in excellent fashion, with its price rising by over 100% to reach an all-time high close to the $65k mark. However, the value began to drop in May, with Bitcoin’s price dropping to the $30k level for most of June and July.

However, the trend is slowly changing as Bitcoin’s price has been appreciating in the past few weeks. Earlier this week, BTC’s price rose past the $45k mark, and it is currently targeting the next resistance level at $50k. BTC is currently up by 4.85% and could rally further over the next few hours and days.

This article was originally posted on FX Empire

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