GAN tumbles after Q2 loss widens, rev misses estimate

GAN

16/08/2022 12:57

** Software company GAN Ltd's shares  GAN.O  down ~17% at
$3.59 premarket, as Q2 loss widens due to higher operations
expenses
    ** Stock set to open at a near two-month low
    ** GAN reports rev of $35 mln vs $34.4 mln a year earlier,
missing analysts' estimates on $36.5 mln - Refinitiv data
    ** Co cuts FY rev forecast range to $142.5 mln-$152.5 mln,
from $155 mln-$165 mln  urn:newsml:reuters.com:*:nASA03LRG
    ** Q2 loss widens to 91 cents/share vs 11 cents/share a year
earlier, as performance was affected from a stronger dollar 
    ** "The lower-than-expected quarter and reduced guidance
coupled with the strength heading into the print should result
in a negative reaction," says Jefferies as it cuts it PT to $9
from $10
    ** 4 of 5 brokerages rate the stock "buy" and one "hold";
their median PT is $12
    ** Up to Monday's close, stock had fallen ~62% YTD, compared
with a ~16% decline in the NASDAQ Computer Index  .IXIC 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))