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Highlights:
- The SRAD stock was up over 21 per cent on Wednesday.
- The company reported its quarterly earnings results on November 16.
- Sportradar Group has raised its annual revenue guidance.
The stocks of the leisure and entertainment firm, Sportradar Group AG (NASDAQ:SRAD) were among the top percentage movers in the morning trading hours on Wednesday, November 16, after the company reported its latest quarterly earnings results before the market opened.
The SRAD stock was up over 21 per cent soon after Wall Street trading began on Wednesday, November 16, after the company said that it noted "strong growth" and increased profitability in the recent quarter.
Let's look at the company's latest quarter earnings highlights, and see how it has performed in recent months:
Third quarter earnings highlights of Sportradar Group AG (SRAD):
Sportradar Group is a leisure and entertainment firm based in Switzerland. The company primarily operates as a sports technology company, that offers several services related to sports, media, and betting.
Meanwhile, the sports technology company's revenue soared 31 per cent to € 178.8 million or US$ 175.2 million in Q3 FY22, compared with the year-ago quarter. Meanwhile, its year-to-date revenue jumped 28 per cent YoY to € 523.90 million.
The RoW Betting segment revenue, which accounts for 56 per cent of the company's total revenue, surged 28 per cent YoY to € 100.9 million or US$ 98.9 million in the quarter. Its revenue from the US segment grew 61 per cent to € 31.6 million or US$ 31 million on an annual basis.
Notably, the company said that it has achieved first-time profitability from the US segment since its IPO and generated a positive adjusted EBITDA margin of 11 per cent.
Meanwhile, Sportradar Group's adjusted EBITDA grew 75 per cent YoY to € 36.5 million or US$ 35.8 million in Q3 FY22. The company's profit for the period totaled € 12.75 million, against a loss of € 9.03 million in Q3 FY21.
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Bottom line:
The SRAD stock was priced at US$ 12.295 at 9:40 am ET on November 16, an increase of 21.13 per cent from its previous close, and its trading volume was 133,565 during writing. Meanwhile, the stock closed at US$ 10.15 on Tuesday, November 15.
Meanwhile, Sportradar Group has raised its annual revenue guidance to be between € 718 million and € 723 million (US$ 703.6 million and US$ 708.5 million), from its prior guidance range of € 695 million to € 715 million. This reflects a prospective year-over-year growth of 28 per cent and 29 per cent, respectively.