By Ben Glickman
Shares of Las Vegas Sands rose after the company said it swung to a profit in the third quarter and announced $2 billion in share buybacks.
The stock was up 5.9% to $47.22 in after-hours trading, following a 1.6% drop at Wednesday’s close. Shares are down 7% this year.
The casino and resorts company said its board authorized $2 billion of share repurchases through 2025. The company reinstated its dividend in the second quarter.
Revenue more than doubled, beating analysts’ estimates. Higher sales helped the company turn a profit, compared to a loss a year earlier.
The company continued to see recovering tourism spending in Macao and Singapore in the quarter, Chief Executive Robert Goldstein said.
Write to Ben Glickman at [email protected]
Read the full article here
