GAN - Why Gan Ltd's Shares Plunged 12.5% Today
Shares of Gan Ltd (NASDAQ: GAN) fell as much as 19.7% in trading on Friday after reporting fourth-quarter 2020 financial results. At 1:30 p.m. EDT, shares were down 17.9%.
Fourth-quarter revenue fell 16.8% to $8.9 million, and the company swung from a net income of $2.4 million to a loss of $8.3 million. The drop in revenue was primarily driven by the ending of a partnership with WinStar World Casino. Analysts were expecting revenue of $11.8 million, so that's where the real disappointment comes from.
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Why Gan Ltd's Shares Plunged 12.5% Today