Kindred slumps to bottom of STOXX on Q3 miss, US exit

Kindred

29/11/2023 08:54

** Shares in Kindred  KINDsdb.ST  slump 7.5% to the bottom
of pan-European STOXX 600  .STOXX  after the Swedish the online
gambling group reports lower than expected Q3 results and
announces exit from North America
    ** Kindred's Q3 total revenue amounted to 283.9 million
pounds ($360.47 million), while underlying EBITDA came in at
42.6 million pounds
    ** The company says it will leave the North American market
by the end of Q2 2024, cut jobs and focus on its existing core
markets
    ** Jefferies says the news will not surprise investors, and
notes no comment has been made on proprietary sports tech
investment
    ** The broker adds Kindred's Q3 revenue and EBITDA are 7%
and 12% below consensus, respectively, due to weak sports
margins  
    ** The stock is on track for its worst day since last
January and trading its lowest levels since October 2022
    ** It is down 22% year-to-date

($1 = 0.7876 pounds)

 (Reporting by Marta Frąckowiak)
 ((marta.frackowiak@thomsonreuters.com))