Shares of Melco Crown Entertainment (NASDAQ: MLCO) soared 5.14% in pre-market trading on Thursday, following the company's impressive first-quarter earnings report that significantly exceeded analyst expectations.
The casino and resort operator reported quarterly earnings of $0.12 per share, surpassing the analyst consensus estimate of $0.03 by a remarkable 306.67%. This performance represents a substantial 177.27% increase compared to earnings of $0.04 per share in the same period last year, showcasing the company's strong financial growth.
While Melco's quarterly sales of $1.23 billion fell slightly short of the analyst consensus estimate of $1.25 billion by 1.46%, it still marked a solid 10.79% increase from the $1.11 billion reported in the same quarter of the previous year. The robust earnings growth, despite the minor sales miss, suggests improved operational efficiency and cost management by the company.
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