Quarterly sales and profits fell at IMAX despite the commercial success of “Avatar: The Way of Water” and “Black Panther: Wakanda Forever.”
” and “Black Panther: Wakanda Forever.” The big screen company recorded revenues of $98 million, a 10% drop from the $108.6 million that IMAX recorded in the year-ago period. The company also recorded profits of $2.6 million, compared to the $10.1 million that IMAX logged in the year-ago period. That came out to earnings of 19 cents a share, which failed to match the profits of 31 cents that IMAX recorded in the same period in 2021.
IMAX also sounded a hopeful note, saying it “fully expects to resume pre-pandemic levels of performance in 2023.” That’s welcome news considering the fierce headwinds that the cinema business has battled since COVID closed theaters and upended cultural life. To that end, IMAX noted that its global box office improved 33% in 2022, finishing at $850 million. For comparison, IMAX’s total box office in 2019, the last pre-pandemic year, topped out at just over $1 billion.
“The speed with which the Chinese box office has recovered has been stunning,” Gelfond said. “In January, the Chinese box office more than doubled the North American box office.”
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