888 Holdings publishes Q3 trading update
888 Holdings has recently published a trading update, expecting Q3 revenue to be down by 10%.
The main point covered in the trading update was the updated Q3 revenue estimate, which is down by about 10% to 400 million pounds. The company mentioned a few main reasons for the estimated slight decrease, which include compliance challenges in a number of markets, unfavorable sports results diminishing the firm’s revenue margin, and responsible gambling-related regulatory changes in the UK.
The operator mentioned that while its online division may be facing challenges, its land-based operations remain steady with an estimated stable revenue when compared to the third quarter of last year. Additionally, the retail vertical is also estimated to deliver strong player engagement levels and a slight increase in performance year-over-year.
Lastly, 888 also updated its financial performance estimates for the upcoming fourth quarter of the year. The firm expects Q4 to perform better than the third quarter, however, it expects to experience a slight decrease when compared to the same period last year in the mid-single-digit percentages.
After publishing this announcement, 888’s shares lost more than 16% of their value, going from around 110 pounds to just over 92 pounds.