What happened

Shares of Gambling.com Group (Nasdaq: GAMB), the tiny Dublin, Ireland-based marketing company for the online gambling industry, rocketed 27% higher as of 1:20 p.m. EDT Friday after reporting a straight flush of profits last night.

So what

Gambling's revenue soared 66% year over year in the fiscal second quarter of 2021 -- its first report as a publicly traded company -- to $10.4 million, and the company turned a $0.02-per-share quarterly loss a year ago into an $0.08-per-share profit this time around.  

About the only number that went the wrong way for Gambling.com this quarter, in fact, was free cash flow -- and even that one only declined 3% to $3.1 million. What's more, management pointed out that its operating cash flow actually increased by 47%, and the only reason free cash flow declined was due to investments made in "the acquisition of two domain portfolios."

Happy poker player shows off a straight flush

Image source: Getty Images.

Now what

Gambling.com did not provide specific guidance for what to expect in the third quarter and beyond. Management did point out, however, that its Q2 results already "came in at the high end of our previously provided ranges" and that it is "carrying encouraging momentum into the second half of the year."

On balance, I have to say that sounds propitious -- and it seems investors in Gambling.com today agree.