By Shares of Gambling.com Group (GCOM.NASDAQ) soared 14% in the latest quarter due to higher revenue and an improved outlook for 2023. The stock has experienced a remarkable year-to-date increase of 59%, marking its largest percentage gain since June 2022 and reaching its highest closing value since November 2021.
During the second quarter ended June 30, Gambling.com posted net income of $278,000 (or 1 cent per share), a significant rise from $56,000 (or 0 cents per share) in the same period last year. Adjusted earnings were recorded at 17 cents per share.
The company’s revenue grew by an impressive 63%, reaching $26 million compared to $15.9 million in the prior year’s quarter. This exceptional performance managed to surpass the market expectations of $21.8 million according to analysts polled by FactSet.
Looking ahead to 2023, Gambling.com has raised its revenue outlook to a range spanning between $100 million and $104 million. This adjustment marks an improvement from their previous forecast, which projected revenue in the range of $95 million to $99 million.
In summary, Gambling.com Group’s strong financial performance in the second quarter, fueled by impressive revenue growth and an optimistic outlook for 2023, has bolstered investor confidence and propelled the stock to new heights.
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