Why IMAX Shares Are Shooting Higher Today

IMAX Corporation IMAX garnered a massive $35 million at the global box office on Christopher Nolan's "Oppenheimer" release on 740 screens worldwide, marking one of the biggest weekends.

In North America, "Oppenheimer" opened to $21.1 million, with IMAX recording 26.2% of the Domestic box office from 411 screens.

IMAX had its biggest opening weekend of 2023 with the movie - global and domestic. 

Thirty-four international markets, including Mexico, India, Argentina, Saudi Arabia, and Turkey, among others, posted a top-five all-time IMAX opening weekend with the film.

Also Read: IMAX Poised for Consistent Profitability and International Growth, Analysts Maintain Positive Outlook with Upside Potential

"Oppenheimer' is an undeniable demonstration of a paradigm shift in moviegoing, with IMAX taking a commanding share of global box office as audiences show a clear preference for experiences that transcend the ordinary in cinema," said Rich Gelfond, CEO of IMAX.

The movie was shot in IMAX 65mm and 65mm large-format film photography, including portions in IMAX black and white analog photography for the first time. 

"Given the strength of our pre-sales, the 'A' CinemaScore, and the historical multiples of Christopher Nolan's films, we believe this is just the beginning of what 'Oppenheimer' can accomplish at the global box office," Gelfond added.

Internationally, "Oppenheimer" opened to $13.9 million — 14.8% of the box office on 329 screens.

Also See: Benzinga Buzz: Jack Nicholson, Hollywood & The Big Whamola. Plus, The Nanny Rips Iger A New One.

Price Action: IMAX shares are trading higher by 5.24% at $17.27 on the last check Monday. 

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