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Box office bomb: AMC shares plunge 25% after pre-announcing ‘shocking’ quarterly loss

Shares of AMC Entertainment are diving by 25 percent Wednesday after the company revealed it expects a dramatic second-quarter loss, and believes the third quarter will be equally unrelenting.

AMC blamed its expected loss as "reflecting industry box office trends." American box offices declined 4.4 percent in the second-quarter compared to the same period last year, according to AMC.

Against this tide of declining moviegoing, the second-largest movie theater chain in the U.S. is attempting to curtail costs by cutting back on both its staff and operating hours, as well as through a new pricing strategy. But the cost reduction initiatives have yet to bear fruit this year.

"We were caught by surprise when AMC pre-announced second quarter results over 30...


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