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Snail Inc. (NASDAQ:SNAL) shares are soaring on Friday. The surge follows a first-quarter earnings report that caught Wall Street by surprise.
The Nasdaq is down 1.15% while the S&P 500 has shed 0.91% while the stock is up.
Fundamental Growth Triggers Rally
The gaming developer reported a 35.7% jump in net revenue, reaching $27.3 million. This figure cleared Street expectations by 51.64%. The company also reported earnings of 6 cents per share, beating the analyst estimates of a 21-cent loss.
Management attributed the success to the game ARK: Survival Ascended, which sold 1.4 million units.
Management noted that $11 million in deferred revenue remains on the sidelines. They expect to …
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