Youbet.com Shares Shed 14%
Shares of online betting company
Youbet.com
(UBET)
were tanking Monday after the company said second-quarter results missed analysts' estimates.
The company lost $982,000, or 4 cents a share, compared with a loss of $2.28 million, or 13 cents a share, in the prior-year period. Analysts were expecting a loss of 2 cents a share. Earnings before interest, taxes, depreciation and amortization were $606,033, compared with last year's loss of $1.04 million.
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Recently, shares of the company were down about 14% at $3.17 on the
Nasdaq
.
Net revenue was $4.7 million, compared with $2.3 million in the second quarter last year. The company said gross handle, the basis for a majority of its revenue, jumped about 85% to $73.3 million from last year's $39.6 million.
"Our technology, which is scalable by a factor of three, excelled during peak periods of the Triple Crown, when we accommodated unprecedented numbers of users without a flaw," said Chief Executive Charles F. Champion.
Woodland Hill, Calif.-based Youbet provides thoroughbred, quarter-horse and harness horse racing content in the U.S.
