Why Gan's Stock Is Trading Lower Today

Gan Ltd GAN shares are trading lower on Friday after the company reported its second-quarter earnings results.

Gan reported quarterly losses of 33 cents per share, which may not compare to the analyst consensus estimate of a 1 cent loss. The company reported quarterly sales of $8.30 million, which beat the analyst consensus estimate of $8.06 million.

Gan also announced it will no longer be delivering the digital wallet for the sports side of FanDuel’s business. FanDuel is a competitor to DraftKings DKNG.

"FanDuel deployed their proprietary digital wallet for its sports gaming business, and therefore GAN does not anticipate sports gaming revenues from FanDuel after August 31," the company said. Gan will continue to be the exclusive gaming provider of FanDuel's online casino operations.

Gan provides Software-as-a-Service solutions for online casino gaming and sports betting applications. The company segments include Real money iGaming operations and Simulated iGaming operations. The customers of the company include large regional operators and individual tribal casino operators.

Gan shares were trading down 15.73% at $21.21 on Friday at the time of publication. The stock has a 52-week high of $28.95 and a 52-week low of $10.60.

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