Penn Entertainment sees narrower Q3 loss for online business
Trending Articles- Gold Price Forecast: PCE Data Weakens Fed Rate Hike Expectations, Can Gold Price Hold Steady at $4,000?
- $4,050: Gold dives to fresh two-week low as Fed rate hike bets boost US Dollar
- Gold Price Forecast: Gold Price Falls Below $4,000, PCE Data May Push Gold Down to $3,900
- Gold Price Trend Forecast: Gold Price Risks Falling Below $4,000, PCE Data Is Key
- Deutsche Bank Slashes Gold Price Forecast by 22%: Wall Street Bulls Retreat, Fed Rate Hike Expectations Become Biggest Drag
- Qatar and Pakistan: High-level committee agrees on roadmap to final deal within 60 days
Investing.com-- PENN Entertainment Inc (NASDAQ:PENN) said on Monday that it expects a narrower loss from its online gaming business in the third quarter, citing better conditions in the sector and lower expenses.
Penn forecast adjusted earnings before interest, tax, depreciation and amortization for its Interactive unit to be a loss of between $90 million and $100 million, compared to prior expectations for a loss of $115 million to $135 million.
The Interactive unit is the parent of ESPN Bet, one of the biggest sports betting platforms in the U.S.
Penn cited a “higher parlay mix” from its product, and lower promotional expenses as the driver of the smaller loss.
Shares of the gambling firm surged as much as 13% in aftermarket trade, before sharply curbing gains to trade marginally higher.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
