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MarketWatch MarketPulseFeb 26, 2021
Cinemark posts wider-than-expected Q4 loss but revenue beats estimates
Cinemark Holdings Inc. posted a wider-than-expected loss for the fourth quarter, as many of its theaters operated at limited capacity during the coronavirus pandemic, but revenue beat consensus estimates. The Plano, Texas-based cinema chain posted a loss of $239.3 million, or $2.03 a share, in the quarter, after earnings of $26.3 million, or 22 cents a share, in the year-earlier period. Revenue fell to $98.2 million from $788.8 million. The FactSet consensus was for a loss per share of $1.46 and revenue of $79.8 million. "It is almost unfathomable that one year ago, we were reporting Cinemark's fifth consecutive year of record results with the North American industry touting the second-highest grossing box office of all-time," Chief Executive Mark Zoradi said in a statement. The company's financial results continue to be "significantly impacted" by COVID, which led to its theaters being closed for an extended period starting last March. The company reopened domestic cinemas in June and international ones in August, after enhanced cleaning. As of Dec. 31, it had 217 domestic and 129 international theaters open at limited hours. Zoradi said the company is confident business will return once the virus is contained and noted the strong performance of Chinese cinemas during the recent Lunar holiday. Shares were up 1.5% premarket, but have fallen 11% in the last 12 months, while the S&P 500 has gained 23%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Forbes HeadlinesFeb 26, 2021
Where Sales Leaders Can Focus To Build Up Teams
The pandemic provided experiences and lessons that can apply in any situation.

MarketWatchFeb 25, 2021
Earnings Results: Airbnb lost nearly $4 billion during holiday quarter, but sales held up better than online travel rivals
Airbnb Inc., the online-lodging booking platform that executed one of the largest initial public offerings of 2020 despite operating in a pandemic-whipped travel industry, continued to hold up better than other online-travel companies in the holiday season, according to its first earnings report as a public company.

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