Why Playa Hotels & Resorts' Shares Popped 29% on Tuesday
Shares of destination resort owner Playa Hotels & Resorts (NASDAQ: PLYA) jumped as much as 29% in trading briefly on Tuesday after ;the company reported first-quarter 2020 results. Shares settled significantly as the day wore on and closed up 9.1% for the day.
Total net revenue fell 9.4% in the quarter to $171.2 million, and net loss was $22.6 million, or $0.17 per share. Analysts were expecting $196.4 million and earnings of $0.14 per share, but that should be taken with a grain of salt given the uncertainty around COVID-19 and a dramatic reduction in travel.
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Source Fool.com
