Codere Online Reports Strong Earnings Despite Financial Losses

Codere Online experienced a successful 2022, witnessing a significant increase in their earnings. However, despite exceeding expectations, the company incurred substantial financial losses. Moshe Edree, the company’s chief executive officer, is stepping down from his position but will maintain a role within the organization. Aviv Sher, previously the company’s operations director, has been appointed as the new CEO. While the company is pleased with its overall performance, the substantial financial losses remain a concern. To address this, they have divested a portion of their Italian operations.

The transaction did not generate substantial revenue.

Codere Online’s final quarter earnings were positive. Their revenue experienced a significant increase, primarily driven by Spain and Mexico. However, they still incurred a financial loss. Their marketing expenditures escalated considerably, but they attributed this to the improvement in their profits.

For the entire year, their financial losses were less substantial compared to the previous year. However, their marketing expenses were significantly higher.

They anticipate generating greater revenue this year, but still expect to experience a financial loss. They are also planning to expand their operations into Argentina.

Codere Online, according to Iglesias, is thrilled to commence operations in Argentina.

He expressed optimism about the future and the potential it holds, particularly in Argentina, where they are making significant progress this year by venturing into several new domains.

Iglesias confidently stated that they are certain to execute their strategy and continue delivering consistent growth for their investors.

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