Esports Entertainment Shares Shoot Up On Upbeat FY22 Guidance

by Shivani Kumaresan, Benzinga Staff Writer

October 14, 2021 7:14 AM | 1 min read |

Esports Entertainment Group Inc GMBL reported fourth-quarter FY21 sales growth of 63% quarter-on-quarter, to $8.80 million, missing the analyst consensus of $8.98 million.
Gross profit rose 69% Q/Q to $5.2 million with a gross margin expanding 200 basis points to 59% from 3Q21.
The operating loss for the quarter amounted to $(10.5) million versus $(2.1) million in 4Q20. Adjusted EBITDA totaled $(5.5) million.
The company held $23.4 million in cash and equivalents as of June 30, 2021.
EPS of $(2.80) missed the analyst consensus of $(0.22).
Outlook: Esports Entertainment reaffirmed FY22 sales outlook of $100 million - $105 million versus the consensus of $99.48 million.
Price action: GMBL shares are trading higher by 16% at $7.68 in premarket on the last check Thursday.