Kambi shares drop as revenue stalls and profits decline in Q3
Sports Game · 2024-11-07
Kambi shares drop as revenue stalls and profits decline in Q3
Kambi Group’s marginal revenue uptick in Q3 2024 failed to impress investors, with shares sliding 8.7% in early morning trading [Wednesday].
The sports betting solutions provider posted €43m [$46m] in revenue for Q3 2024, a modest 2% increase compared to Q3 2023. Approximately 90% of this revenue was generated by its core sportsbook product, with the remainder coming from its modular products.
Operating profit (EBIT) for the quarter declined by 23% year-on-year to €3.6m, however, as the operating margin slipped from 11% to 8.3%. EBITDA fell slightly by 3% to €13.5m.
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