03:09
Traffic jam:   0
$
92.2628
99.7057

AMC will accept bitcoins in cinemas

10 August 2021
3157
1 min.
3
AMC will accept bitcoins in cinemas

Cryptocurrency in cinemas

AMC Entertainment (NYSE:AMC) is set to start accepting bitcoins in cinemas to appeal to an army of Reddit investors who have backed the company's stock price, The Wall Street Journal reports.

CEO Adam Aron used the company's earnings report to generate sympathy from its new shareholders thousands of stock market enthusiasts who have boosted AMC stock to record highs.

Adam Aron announced that the company would begin accepting bitcoins at points of sale in the US by the end of the year, citing the investor community's enthusiasm for the cryptocurrency, and said that AMC was opening new points thanks to the support of its supporters.

Last year, blockchain and bandwidth restrictions brought the cinema chain to the brink of bankruptcy. Now AMC is "going on the offensive", Mr Aron said, buoyed by the enthusiasm of retail investors and the return of audiences to cinemas.

AMC's revenues rose sharply in the second quarter from the first three months of the year to $444.7 million, up from $18.9 million a year earlier. Losses decreased as well. AMC recorded a net loss of $344 million compared to a loss of $561.2 million in the same period in 2020. Net loss per share was 71 cents per share, an improvement from a loss of $5.38 per share a year ago.

Companies3 in the news

Section:

Discussion

Rating companies
Tesla
14 Mention
Instagram
13 Mention
JP Morgan Chase
12 Mention
Walt Disney Company
12 Mention
Ford Motor Company
10 Mention
Netflix
10 Mention
Amazon
9 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8112760063
Died this year
14340717
Born this year
35280702