888 Poker Revenue Continues Slide as Market Sells SharesMarket Sees Share Sell Off on Back of ‘Disappointing” Results |
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888, which owns the Pacific Poker brand, today release its first quarter 2010 trading update and key performance indicators which saw total operating income in its business-to-consumer (B2C) poker unit fall 15 percent to US$12 million compared to US$14 million).
This is despite a 26 percent increase in the number of active players to 168,000 during the period.
Quarterly total operating income B2C per active poker customer was down 33 percent to US$69 compared to the first quarter of 2009.
In 2009 888’s online poker revenue fell 30 percent.
Shares in 888 fell 8 percent this morning on the back of the news that first quarter revenues were in line with expectations but that performance at the start of the second quarter was “disappointing”.
James Hollins from analysts Daniel Stewart & Co. said, “Today’s 888-inspired gambling sector sell-off is unwarranted… we believe that the negative reaction has been overdone.”
Total operating income across all business units at 888 (bingo, casino, sportsbook, poker) was up 21 percent to US$69 million compared to US$57 million in the same period of 2009.
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