Penn Entertainment sees narrower Q3 loss for online business
Trending Articles- WTI Oil pulls back as Hormuz supply worries ease, Iran-US tensions keep volatility high
- Trump says US to help ships stranded in Strait of Hormuz as tanker hit by projectiles
- Bitcoin Price Forecast: BTC hits three-month high on derivatives-led surge
- Australian Dollar holds losses ahead of RBA policy decision
- Ignoring Strategy Reduction Warning, Bitcoin Nears $82,000, Hitting Highest Price Since February
- Crypto Overview: Toncoin, Terra Classic rise by double digits as Bitcoin grips $80,000
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.
