PokerStars Parent Amaya Tumbles After Lowering Profit Forecast
- Drop in Canadian dollar hurts spending power of customers
- PokerStars business faces restrictions in numerous countries
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Amaya Inc. fell as much 35 percent after the company, the owner of PokerStars, reported third-quarter results that missed estimates and lowered its forecast for the rest of the year.
Shares of the world’s largest online poker company were down 29 percent to $16.71 at 12:14 p.m. in New York, after falling as low as $15.25. The company, based in Montreal, said it will earn C$345 million to C$365 million this year, or C$1.66 to C$1.75 per share, excluding some items. Previously it had projected profit of C$367 million to C$415 million, of C$1.76 to C$2 per share.