Why Penn Entertainment Stock Got Trounced on Thursday
Gaming stock Penn Entertainment (NASDAQ: PENN) didn't feel like a good bet on Thursday. After the company posted quarterly results that didn't meet analyst expectations, investors traded out of it to the point where its share price fell by almost 9%. And this was on the day when the benchmark S&P 500 index rose, advancing by nearly 1%.
Before market open, Penn published its first-quarter figures. The on- and offline gaming company's revenue slumped slightly on a year-over-year basis, sliding by 4% to just under $1.61 billion. On the bottom line it flipped to a loss of almost $115 million, against first-quarter 2023's profit of $514 million. Penn's non-GAAP (adjusted), per-share result also turned negative, at $0.79 versus the year-ago surplus of $0.39.
Analysts tracking the stock were expecting better. Collectively, they were modeling revenue of $1.64 billion and an adjusted net loss of only $0.57.
Source Fool.com
