Everyone appears to have underestimated the revenue strength of Stockholm-listed online gambling operator Cherry AB in the first quarter of 2018, even those within the company.

In April, Cherry AB made a bold forecast that its revenue will expand by as much 24.8 percent to SEK675 million (US$75.87 million) in the first three months of the year. However, the latest figures from Cherry showed that the company managed to beat its own forecast as its revenue jumped 26 percent to SEK681 million (US$76.55 million) from SEK541 million ($60.81 million) in the same period last year.

The results were also way above financial analysts’ expectations of an average 20 percent growth.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at SEK192 ($21.58 million), up more than double than the SEK89 million ($9.33 million) during the prior-year period.