PartyGaming reports revenue gain

[The Buzz]

PartyGaming reported a 61 percent gain in profit in 2008, despite revenues dropping one percent.

The profit gain occurred because the online gaming giant saw administrative expenses fall 26 percent, as the company trimmed costs and benefited from the appreciation of the U.S. dollar.

Despite the news, PartyGaming stocked dropped on the London Stock Exchange, according to BusinessWeek.

PartyGaming shares fell 5.3 percent to 219 pence on the London Stock Exchange.

Paul Leyland, analyst at Collins Stewart, rated PartyGaming shares as a "sell."

The company is unlikely to cut costs further this year without eroding its marketing position, he said in a research note.

PartyGaming's comments about its position in the United States were "less sanguine than in recent history," Leyland added.

[VegasBaby]

my question is: what happened to Aashish Nanavati and Maria Sorokina??? sad to see them gone (from PartyGaming) upon my return to this industry

[raphnix]

PartyGaming reported a 61 percent gain in profit in 2008, despite revenues dropping one percent.

The profit gain occurred because the online gaming giant saw administrative expenses fall 26 percent, as the company trimmed costs and benefited from the appreciation of the U.S. dollar.

Despite the news, PartyGaming stocked dropped on the London Stock Exchange, according to BusinessWeek.

That's a good news and encouragement for online casino owners for sure. It only means that they can still gain even with the recession still linger.