888 shares slump on 2024 profit outlook
888 Holdings is among the top losers on FTSE small cap index after the British bookmaker said it sees its 2024 adjusted core profit at the lower end of market expectations.
(Partial Video Transcript)
888 Holdings' shares slightly climbing after drop
We're looking at 888 Holdings right now, and it's because of these share reactions. Take a look at this right now. They were down around 12%. But let's have a look. It seems to have given back some of those losses, down 10%, but still a marked for. Now, 888 has seen a huge amount of volatility in its fallen quite far from where it was early in September 2023, when it achieved around 131 or thereabouts. But it's now wallowing near the 73 mark.
Weak 2024 profit forecast
The reason for that is because of its weak profit forecast for 2024, which came in at the lower end of the market's view. This is the company that's owned by William Hill, and due to heavy investments in artificial intelligence and higher marketing costs, it's having to lower its 2024 profit to the lower end of market expectations. The company also saying it has initiated a cost saving program worth some $38 million to support this higher spend on AI and marketing spend. But really what investors want to know is when we'll get the payback from these investments. At the moment, 888 shares are down 10%.
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