MGM Resorts International (MGM) stock surged 8.82% in after-hours trading on Wednesday, following the company's better-than-expected Q4 2024 earnings report. MGM reported adjusted earnings per share of $0.45, beating analyst consensus estimates of $0.30 by 50%. Revenue for the quarter came in at $4.346 billion, slightly above the $4.273 billion expected by Wall Street.
While MGM's Q4 earnings and revenue exceeded forecasts, the results still represented year-over-year declines. Earnings per share dropped 57.55% from $1.06 in the year-ago quarter, and revenue dipped 0.68% compared to Q4 2023. The company reported net income of $157 million for Q4 2024, above estimates of $67.9 million.
MGM's after-hours stock move suggests investors were bullish on the casino operator's earnings beat and revenue upside, even as the numbers showed a slowdown from the prior year. With economic headwinds continuing into 2025, MGM's ability to surpass profitability expectations is seen as a positive sign for the company's outlook.
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