Shares of Sportradar Group AG soared 6.72% in pre-market trading on Wednesday after the sports data and technology company reported better-than-expected third-quarter revenue and provided an optimistic full-year outlook.
For the third quarter, Sportradar posted revenue of EUR 255.172 million, beating analysts' estimates of EUR 238.5 million. The company also raised its guidance for full-year adjusted EBITDA to EUR 216 million, reflecting strong demand for its products and services.
The impressive financial results and upbeat outlook fueled investor confidence in Sportradar's growth prospects, driving the stock's pre-market rally. Analysts noted that the company's diversified revenue streams and expanding global reach position it well to capitalize on the rising popularity of sports betting and data analytics.
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