BYD - Why Boyd Gaming Stock Plummeted Today
2023-10-25 17:43:51 ET
Boyd Gaming (NYSE: BYD) stock suffered big sell-offs Wednesday. The gambling specialist's share price ended the daily trading session down 11%, according to data from S&P Global Market Intelligence .
Boyd Gaming published third-quarter earnings results after the market closed on Tuesday, posting earnings for the period that fell short of the market's targets. While the company's revenue of $903.15 million beat the average Wall Street estimate by roughly $22.5 million, its non-GAAP (adjusted) earnings per share of $1.36 missed the average target by $0.11 per share.
Boyd Gaming's revenue grew roughly 3% year over year in the third quarter and topped Wall Street's expectations. On the other hand, the business saw costs rise at a greater-than-expected rate. Total operating expenses rose roughly 7.1% year over year to reach $685.29 million. With operating expenses rising significantly faster than revenue, it's not surprising that investors had a negative reaction to the company's recent earnings report.
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Why Boyd Gaming Stock Plummeted Today