Pointing to a 19% devaluation in the Mexican peso, executives of Codere Online repeatedly cited it during their 31 July investor call as the reason the company’s second-quarter earnings were not higher.
The first order of business, however, was the heading off of a threatened NASDAQ delisting. “We have regained compliance with all NASDAQ listing requirements,” opened CEO Aviv Sher. That, he said, “puts an end to the uncertainty around us as a publicly traded company.”
Turning to the peso, he said revenue would have been 12% higher, and not flat year-over-year, had it not been for the devaluation of Mexico’s currency. The company, he said, had 78,000 first-time depositors, mostly in Mexico, and 7% more active users, although they were spending 5% less.
