2023-05-18 11:49:35 ET
The market threw shares of the world's largest bowling-center operator Bowlero (NYSE: BOWL) in the gutter on Thursday after the company reported its latest quarterly financial results. As of 11:30 a.m. ET, Bowlero stock was down about 18%.
Bowlero went public at the end of 2021 in a merger with a special purpose acquisition company (SPAC). Yesterday afternoon, the company announced financial results for its fiscal third quarter of 2023. Q3 revenue came in at a record $316 million, up 22% year over year. And this growth was mostly fueled by an increase in same-store sales , which is good to see.
On the bottom line, Bowlero focuses on adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ). In Q3, the company had adjusted EBITDA of $128 million, up a nice 18% from the prior-year period.
For further details see:
Why Bowlero Stock Went in the Gutter Today