“Conan the Barbarian” wrought havoc on Lionsgate Entertainment’s stock early Wednesday when the company reported narrower losses but significantly lower revenue.
The film and TV studio, headquartered in Vancouver, Canada but with major operations in Santa Monica, reported a net loss of $24.6 million, or 18 cents a share, compared to a loss of $29.7 million, or 22 cents, a year earlier. Analysts on average expected a loss of 19 cents a share, according to Bloomberg.
Revenue for the studio was down by $98 million or 21 percent compared to the same quarter last year. Chief Executive Jon Feltheimer blamed the difference on a lack of box-office hits during the quarter. The company’s biggest disappointment during the quarter was the “Conan” film.
“We believe that our film performance will improve significantly and become more consistent as we release some of the potential franchise films on our upcoming slate,” he said in a statement.
Shares of Lionsgate traded at $8.38, a decline of 33 cents or 4 percent by mid-day on the New York Stock Exchange.
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