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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.