Summary by Moomoo AI
Esports Entertainment Group, Inc. (EEG) reported a decrease in net revenue to $1.7 million for the quarter ended March 31, 2024, a 60% drop from the previous year's $4.2 million. The decline was attributed to the sale of the Bethard Business and the wind-down of Argyll entities. Cost of revenue fell by 62% to $0.5 million, while sales and marketing expenses decreased by 67% to $0.3 million. General and administrative expenses also saw a reduction of 62% to $2.8 million. The company recorded no loss on disposal of businesses, compared to a $4.2 million loss in the previous year. Other income (expense) improved, with a loss of $1.0 million compared to a $3.6 million loss in the prior year. The net loss for the quarter was $2.8 million, and the net loss attributable...Show More