Why GAN Limited Shares Plunged 19% on Tuesday

Shares of GAN Limited (NASDAQ: GAN) fell as much as 19% on Tuesday after the company reported earnings and a big acquisition. At 12:20 p.m. EDT today, shares were still down 15.6%. 

Third-quarter net revenue was up 86% to $10.3 million, easily topping the $10.0 million that analysts expected. But the company, a business-to-business supplier of internet gambling software as a service, reported a net loss of $4.1 million, or $0.14 per share, and an adjusted EBITDA loss of $114 million. 

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Source Fool.com