Entertainment technology specialist IMAX (NYSE: IMAX) lit up the silver screen on Friday, rising as much as 16.6% on a day when most stocks took a deep dip instead. The provider of larger-than-life cinema experiences crushed Wall Street's revenue estimates in Thursday night's fourth-quarter earnings report.
In the fourth quarter, IMAX's total revenue fell 55% year over year to $56 million. Your average analyst had expected an even deeper plunge to approximately $47 million. This was technically a mixed report because the bottom line showed a net loss of $0.21 per share, slightly worse than the Street's projected loss of $0.20 per share. Investors shrugged off the mild earnings miss to focus on a huge revenue surprise instead.
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Why IMAX Shares Jumped More Than 16% Today