Shares of Score Media and Gaming fell by 3% after-hours on Wednesday, April 14th. This comes following the announcement that the company posted second-quarter revenue totals lower than expected by analysts.
Second Quarter revenue fell 15.9% year-over-year to $5.59 million Canadian missing the consensus estimate of $6.65 million Canadian. Media revenue went up by 17% year-over-year to C$8 million. Unfortunately, record media revenue was somewhat negated by negative net gaming revenue of C$2.4 million.
“We achieved record gaming handle and another quarter of solid media revenue growth in our fiscal 2021 second quarter. The strong second-quarter results highlight theScore’s ongoing momentum and our users’ active, growing engagement with our mobile offerings,” said company CEO John Levy. “Second quarter handle of $81.6 million on theScore Bet grew 491% year-over-year and 46% over the first quarter. We also recorded our highest-ever second-quarter media revenue, with 17% year-over-year growth driven by our compelling content as well as our outstanding North American reach and audience engagement.”
Score Media and Gaming completed a U.S. IPO and a NASDAQ listing back in March. The company was able to raise $186.3 million to fund the expansion of betting operations in North America.
(All information was provided by Yahoo! Finance)