The Toronto-based e-sports company reported $51.1 million in revenue for the second quarter after markets closed Monday, up 38 per cent year over year. A 49 per cent increase in operating expenses, however, brought net losses to nearly $17 million, 32 per cent more than last year. (The Logic)

Talking point: The earnings report comes after Enthusiast announced a management reorganization last week. Bill Karamouzis—CEO of Addicting Games, an Enthusiast subsidiary—was named president, taking over duties of chief operating officer Thamba Tharmalingam, who has left the company. Relay Ventures managing partner John Albright is moving from lead director to chair of the board, and Erin Torbiak will shift from director of engineering to a new role as general manager of Addicting Games. Enthusiast has been seeking a replacement for CEO Adrian Montgomery since July, after the firm’s largest shareholder and a group of executives sought his removal, citing concerns about the company’s direction. “Considering possible disruption associated with the recent board and management transition, we view results as better than feared,” RBC Capital Markets analysts wrote in a letter to clients following Monday’s earnings report. Still, the stock was down more than 10 per cent on the Toronto Stock Exchange Tuesday afternoon.