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Why Studio City Is Soaring 27% This Week

TheMotleyFool

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Why Studio City Is Soaring 27% This Week: https://g.foolcdn.com/editorial/images/723273/asia-gambling-chips-casino-getty.jpeg

Shares of Studio City International (NYSE: MSC) are racing 26.7% higher this week compared to where they closed last Friday, according to data from S&P Global Market Intelligence, after the casino resort operator reported better-than-expected fourth-quarter earnings results on Wednesday.

While revenue plummeted 85% year over year to just $4.2 million as a result of lockdowns imposed by the Chinese government to contain COVID-19 outbreaks, Studio City reported a narrower loss than last year, $0.443 per share versus $0.583 per share.

Image source: Getty Images.

Source Fool.com

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