Boyd Gaming Corp (BYD)

Shares of Boyd Gaming Corporation (BYD) dropped by 11.76% from $61.03 to $53.85 in the trading on Wednesday, October 25, 2023. The reason why BYD stock down is due to lower-than-expected third-quarter results

• Boyd Gaming reported its third-quarter earnings after the market closed on Tuesday, and while the company's revenue of $903.15 million exceeded Wall Street estimates by approximately $22.5 million, its non-GAAP (adjusted) earnings per share of $1.36 fell short by $0.11 per share.
• The negative reaction from investors stemmed from the fact that Boyd Gaming's revenue grew by about 3% year over year in the third quarter, surpassing Wall Street expectations. However, the company experienced a more significant-than-expected increase in operating expenses, which rose by approximately 7.1% year over year to reach $685.29 million. With operating expenses outpacing revenue growth, investors reacted negatively to the earnings report.