PartyGaming
Shares Jump
As reported by Bloomberg: "PartyGaming
Plc, the world's largest online poker operator,
expects full-year profit to exceed analysts'
estimates after customers played more poker
and started trying new casino games such as
blackjack. The shares jumped.
"Daily
poker revenue increased 14 percent to $2.67
million in the two months ended Nov. 30 compared
with the average for the previous quarter, Chief
Executive Richard Segal said today on a conference
call. Daily casino revenue was as much as seven
times higher than the average for the third
quarter at $1.2 million after the company introduced
blackjack on Oct. 8, he said.
"…PartyGaming
is returning to favor with investors after signs
of a slowdown in revenue growth caused its stock
to drop below the price of June's initial public
offer. Investors applied for three times more
stock than was available in the $1.9 billion
share sale on expectations that the popularity
of online poker will spur growth in an industry
that's expanded 10- fold in three years.
"Shares
of PartyGaming rose as much as 10.5 pence, or
9 percent, to 127.5 pence in London and were
125 pence at 9:50 a.m. local time. The stock
was sold to the public at 116 pence a share
and climbed as high as 176 pence in July. It
slid below the IPO price on Sept. 6 as the company
said revenue missed forecasts…"
|
