MGM Resorts International shares fell 0.2% late Wednesday after the company reported third-quarter results above forecasts and a rise in U.S. casino sales but a decline in revenue in China. MGM said it earned $149 million, or 26 cents a share, in the quarter, compared with $536 million, or 93 cents a share, in the prior-year quarter. Revenue rose to $2.83 billion, compared with $2.52 billion a year ago. Analysts polled by FactSet had expected earnings of 7 cents a share on sales of $2.58 billion. U.S. resorts revenue rose 18% quarter-on-quarter; net revenue of MGM China fell 6%, MGM said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News