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Investing.com — IMAX reported lower-than-expected quarterly results as lockdowns in China weighed on box office growth and dented growth.
Imax Corp (NYSE:IMAX) was up more than 2% in afterhours trading following the report.
Imax reported Q2 earnings of $0.07 per share on revenue of $74 million, missing analysts’ expectations for $0.15 per share on $74.4 million in revenue.
The bottom line was hurt by $3.2 million, or $0.06 per impairment of a film investment, due in part to “Covid related lockdowns and depressed box office levels in China,” the company said.
Total Gross Box Office increased to $247.7 million from $108.6 million in the second quarter of 2021, though growth was held back by weakness in China.
Revenue in Greater China fell by more than half to $11.2 million from $27.9 million in the quarter year-on-year.
