On November 10th, Enthusiast Gaming Holdings Inc. announced the company’s financial results for the third quarter of 2021. Overall, the organization showed major growth from last year to this year.
The company reported that revenues for Q3 2021 were $33.9 million. This signifies a 165% increase from last year when revenues were only $12.8 million. Also, gross profits hit $7.96 million, which was a 146% increase when compared to the amount made during the third quarter of 2020.
“This has been an outstanding quarter for Enthusiast Gaming across our key categories,” commented Adrian Montgomery, CEO of Enthusiast Gaming. “Ongoing momentum in direct sales, the acquisition of Addicting Games, and the renewal and addition of key partners continue to power revenue and gross profit numbers that demonstrate the strength of our strategy. Our team’s ability to continue acquiring accretive properties, attract quality partners, and deliver the best fan experience through our flywheel of content, creators, and communities continue to deliver against and exceed expectations.”
These financial results caused shares of stock in the company to soar on the same day. In fact, these reported numbers caused the stock to increase in value by 25.8% on November 10th.
(All information was provided by Globenewswire and Seeking Alpha)
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