Feb 29 Reuters AMC Entertainment slumped more than 10 on Thursday as the movie industry continued to reel from the impact of twin Hollywood strikes, driving the theater chain to post a largerthanexpected quarterly loss.

The writers and actors39; strikes have crippled much of the industry, leading to fewer releases following the blockbuster summer successes of Barbie and Oppenheimer.

The delay in the release of the Dune sequel likely contributed to the boxoffice weakness last year.

AMC reported a loss of 83 cents per share for the fourth quarter, while analysts were expecting a loss of 70 cents, according to LSEG data. The impact of the strikes is expected to linger this year and weigh on earnings in 2024.

Just as adjusted core earnings in the summer of 2023 were returning to more acceptable preCOVID levels, the movie industry was paralyzed by debilitating strikes, temporarily challenging AMC earnings in 2024, CEO Adam Aron said on a postearnings call.

The strikes and the resulting lack of new content forced studios to try other means such as concertbased movies to pull in revenue.

AMC39;s deals with Beyoncé and Taylor Swift went a long way in staunching the wounds and have opened up a lucrative revenue stream, said Danni Hewson, head of financial analysis at AJ Bell.

However, higher distribution costs for Swift and Beyonce39;s concert movies were a drag on its earnings.

Domestic boxoffice collection was down 35 for the fourth quarter, compared with prepandemic…