Cinemark stock surges toward 9-month high after quarterly results beat expectations by wide margins

Shares of Cinemark Holdings Inc. CNK charged up 3.7% toward a nine-month high in premarket trading Thursday, after the movie theater operator reported first-quarter results that beat expectations by wide margins, amid strong growth in theatrical releases. Net losses narrowed to $3.1 million, or 3 cents a share, from $74.0 million, or 62 cents a share, in the year ago period, to beat the FactSet loss consensus of 29 cents. Revenue grew 32.6% to $610.7 million, above the FactSet consensus of $563.3 million. The volume of wide-release theatrical films rose more than 25% from a year ago, and 2023 volume “is tracking better…