SharpLink Gaming records significant fall in Q3 revenue, although net loss reduced
Revenue was down, but operating expenses were reduced.
Key Points
- Revenue was down 34.7%
- Net loss reduced to $885,131
SharpLink Gaming has released its third quarter results for 2024, with Chairman and CEO Rob Phythian underling the company’s “continued focus on streamlining our affiliate marketing business.”
Revenue during the quarter reached $881,690, representing a decline of 34.7% year-on-year, with gross profit valued at $172,645 in Q3 2024 compared to $390,666 in Q3 2023.
However, operating expenses did drop by 46% to a figure of $970,080, while net loss was down 68.9% to $885,131.
Phythian commented on the results saying, “The notable decline in operating expenses reflects SharpLink’s continued focus on streamlining our affiliate marketing business; and the significant improvement in our bottom line results is largely a result of our $22.5m cash sale of our SportsHub fantasy sports and sports game development businesses to RSports Interactive earlier this year.
Good to know: SharpLink Gaming’s Board of Directors began a strategic review of the company back in July
“Since that time, we have succeeded at scouring our balance sheet, eliminating virtually all of our debt, and have turned our attention to identifying, qualifying and pursuing compelling strategic growth opportunities that we believe can best be leveraged to create and enhance long-term sustainable value for our shareholders.
“As we progress through to the end of the year, we look forward to sharing much greater insight into our future plans for SharpLink resulting from the collective due diligence efforts of our leadership team and our highly engaged Board of Directors.”
In other results-based news, Table Trac has reported its third quarter results as well, with the company experiencing increases in revenue and net income.
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