Penn Entertainment Stock Climbs On Q2 EPS Beat: Details
Portfolio Pulse from Erica Kollmann
Penn Entertainment, Inc. (NASDAQ:PENN) shares are trading higher after the company reported better-than-expected Q2 EPS, despite missing revenue estimates. The company highlighted record gaming revenue in its Interactive segment and solid retail business performance.
August 08, 2024 | 2:44 pm
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Penn Entertainment reported a Q2 EPS loss of 18 cents, beating analyst estimates by 28%. However, quarterly sales of $1.4 billion missed estimates by 15.46% and decreased 16.42% YoY. The company saw record gaming revenue in its Interactive segment and solid retail business performance.
The positive EPS surprise and record gaming revenue in the Interactive segment are likely to boost investor sentiment, leading to a short-term increase in PENN's stock price. However, the revenue miss and YoY decline may temper some of the enthusiasm.
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