Why Enthusiast Gaming Stock Rose More Than 10% Today
Shares of Enthusiast Gaming Holdings (NASDAQ: EGLX) were up 14.3% as of 11:02 a.m. ET on Tuesday after delivering first-quarter earnings results on Monday.
The company reported increased content viewership across its gaming communities and platforms. Revenue increased by 57% year over year, driven by strong monetization trends across its online properties, higher direct sales, subscriptions, and the acquisitions of the Addicting Games and U.GG properties. This is a strong start to the year for what is usually a seasonally slow quarter.
Enthusiast Gaming is on a mission to build the largest media platform for video game and e-sports fans, and the latest operating results demonstrates good progress. The company has built an audience of 300 million people a month spread across 100 websites and channels on social media platforms. The next phase of management's strategy is to monetize those viewers through subscriptions and advertising.
Source Fool.com
