(Bloomberg) -- AMC Entertainment Holdings Inc. rallies after a return of moviegoers and new releases spurred the theater to report preliminary fourth quarter results that topped expectations.

The world’s largest movie-theater company expects fourth-quarter revenue of about $1.17 billion, surpassing the average analyst estimate of $1.09 billion. AMC sees adjusted earnings before interest, taxes, depreciation, and amortization to be between $146.8 million to $151.8 million, which tops the highest analyst estimate for $137 million, data compiled by Bloomberg show.

The Leawood, Kansas-based company soared as much as 18% in trading prior to the U.S. stock market open, before trimming gains to 12% at 8:30 a.m. in New York. While shares remain up more than 20% over the past year, it has shed roughly three-quarters of its value from a June peak.

The company’s total liquidity at the end of the year exceeded $1.8 billion compared with a quarterly cash burn of about $217 million, the statement showed.

Led by movies like “SpiderMan: No Way Home,” AMC was able to cap off 2021 with “the strongest quarter in two years,” Chief Executive Adam Aron said in the statement. 

The head of the company has embraced an army of day-trading small investors that fueled the theater chain from the brink of bankruptcy to record highs in 2021. Gains of other so-called meme stocks were apparent in early trading, with retail-trader favorites like GameStop Corp. climbing after AMC’s announcement.

The video-game retailer rose 3.9% as headphone maker Koss Corp. gains 4.6% and penny-stock Sundial Growers Inc. climbs 3%. The once trendy stocks have stumbled in recent months, with a basket of 37 meme stocks tracked by Bloomberg down 31% since the start of December.

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