Las Vegas Sands (LVS) had a rough Wednesday evening. The casino giant reported its second-quarter results after the closing bell, and the numbers weren't pretty — missing analyst estimates on both earnings and revenue.
The company posted earnings of 59 cents per share, well below the 74 cents analysts were expecting. That's a miss of about 20%. Revenue came in at $3.15 billion, also short of the $3.33 billion consensus, and down slightly from the $3.18 billion it brought in during the same quarter last year.
But it wasn't all bad news. The board approved expanding the company's share buyback program to $6 billion, a move that signals management sees value in its own stock even after the earnings disappointment.
CEO Patrick Dumont tried to strike an optimistic tone: "We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders."
Investors, however, weren't buying it — at least not yet. LVS shares fell 6.41% in extended trading to $42.35. The market will have to wait until Thursday's regular session to see if the sell-off continues or if the buyback news provides a floor.
