Tabcorp Holdings posted a dip in its revenue in its first quarter update for the fiscal year 2024, sending its shares down to their lowest level in over two years.

The stock declined by 6.15% today after the announcement. Year-to-date, the stock has experienced a decline of 15%.

The company stated that the weaker numbers depicted a “softer trading environment.” Moving forward, the company remains committed to the execution of its TAB25 strategy to make decisions that align with the long-term success of the business.

Tabcorp said revenue declined 6.1 per cent in the first quarter, attributed to weakness in wagering and media, digital wagering and gaming services. Wagering turnover has fallen slightly, down 0.9 per cent.

Chief executive Adam Rytenskild said the business had grown digital wagering turnover, which was a positive sign given the softer market conditions.

“We continue to be relentless in the way we execute our TAB25 strategy and remain focused on making the right decisions for the long-term success of the business,” he said.