Cinemark Holdings Inc. (CNK) stock experienced a steep decline of 5.93% intraday on Wednesday, following the release of the company's fourth-quarter and full-year 2024 financial results.
The movie theater chain reported a fourth-quarter profit of $51.3 million, or $0.33 per share, falling short of the average analyst estimate of $0.39 per share. While revenue of $814.3 million topped expectations of $798.2 million, the earnings miss appears to have weighed heavily on investor sentiment.
Despite the solid revenue performance, the lower-than-expected earnings raised concerns among investors about Cinemark's profitability amidst the ongoing recovery in the movie theater industry post-pandemic. The company's shares closed the trading session significantly lower as a result.
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