Why Bowlero Stock Went in the Gutter Today
The market threw shares of the world's largest bowling-center operator Bowlero (NYSE: BOWL) in the gutter on Thursday after the company reported its latest quarterly financial results. As of 11:30 a.m. ET, Bowlero stock was down about 18%.
Bowlero went public at the end of 2021 in a merger with a special purpose acquisition company (SPAC). Yesterday afternoon, the company announced financial results for its fiscal third quarter of 2023. Q3 revenue came in at a record $316 million, up 22% year over year. And this growth was mostly fueled by an increase in same-store sales, which is good to see.
On the bottom line, Bowlero focuses on adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). In Q3, the company had adjusted EBITDA of $128 million, up a nice 18% from the prior-year period.
Source Fool.com
