AMC Entertainment Holdings, the world’s largest movie theater owner, took a big hit on Wall Street after it reported worse-than-expected earnings amid an unusually weak box office.
The Leawood, Kan., company, owned by struggling Chinese real estate conglomerate Dalian Wanda Group, told investors it is cutting costs to offset declines in theatrical attendance.
Shares fell more than 25% to $15.30 in after-hours trading. The company reported preliminary earnings after the close of trading Tuesday.
AMC reported a loss of up to $178.5 million, or $1.36 a share, in the three months ended June 30, well below the 3 cents a share loss predicted by analysts, according to...