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PartyGaming shares fall as company warns of missing forecasts

PartyGaming shares fall as company warns of missing forecasts

Shares of PartyGaming PLC dropped Wednesday after the online gambling company said full-year earnings will miss analysts' forecasts.
The company, which pulled out of the lucrative U.S. market in October after the government shut down the industry there, said that although revenue came in line with PartyGaming's forecast, distribution costs as a percentage of revenue have also risen.
For this reason full-year profit "is expected to be significantly below the current market consensus," it said.
First-quarter revenue rose 26 percent after the company won more subscribers to its poker Web site.
Sales for the three months through March 31 rose to US$94.8 million (euro69.5 million) from US$75.3 million in the same period a year earlier, the company said in a trading statement. It did not provide a net profit figure.
PartyGaming shares dropped 8.1 percent to 42.5 pence (US$0.85; euro0.62)on the London Stock Exchange.


Updated : 2021-05-07 01:22 GMT+08:00