Allied Esports Entertainment Inc. (AESE) goes further down in after-hours to reach $1.9400 at a volume of 974.43K, against its last close at $2.1400 on November 15. Intraday trading the stock saw a decrease of 6.96% followed by a further decrease of 9.35% in after-hours. AESE saw a day range of $2.1250-$2.2700 during market hours, while the 52-week range was $0.9131-$4.3100. Allied Esports Entertainment Inc. (AESE) stands at market capital of $90.03 million.
Allied Esports Entertainment Inc. (AESE) is a global esports entertainment company that engages in the Allied Esports and World Poker Tour business.
Reason for Continued Downfall
Allied Esports Entertainment Inc. (AESE) had already been in a downtrend due to not great expectations for Q3. The delay in Q3 results further advanced it. According to consensus estimates, AESE is expected to have a loss per share of $0.12, showing no great change from that of the previous quarter. Furthermore, the consensus estimate puts revenue for the third quarter at $0.82 million, showing a decrease of 86.1% year over year.
These not so good estimates for the Q3 had already decreased the investors’ interest in the stock, which was further fuelled by the new announcement. AESE was scheduled to announce its third-quarter financial results on November 15, but instead, it announced further delay. According to the announcement, the company will submit a notification of the late filing of Form 10-Q for the Q3, to the Securities and Exchange Commission. The company said additional time is required for the evaluation of the third quarter financials and operations.
The company expects to complete its evaluation and file Form 10-Q on or before November 22, 2021. As a result, the scheduled conference call for Q3 earnings is delayed until its announcement on a later date.
AESE Q2 Financial Highlights
On August 16, 2021, Allied Esports Entertainment Inc. (AESE) declared its second-quarter financial results for 2021. As per the results, the total revenues for Q2 2021 were $0.8 million, showing an increase of 33% from that of 2020. The average consensus estimate for the revenue in Q2 was $0.5 million. Furthermore, the net loss per basic and diluted share was a beat by 8.33%. The reported net loss per share was $0.11, while the consensus estimate stood at $0.12 net loss per share.
