Sportradar Group AG (SRAD), a leading global sports technology company, witnessed a remarkable 15.49% surge in its stock price on November 7th, 2024, following the release of its impressive third-quarter financial results and an upbeat outlook for the full year.
The company reported revenue of €255.2 million for the third quarter, a staggering 27% increase compared to the same period last year. This remarkable performance exceeded Wall Street's expectations of €238.5 million, underscoring the strong demand for Sportradar's products and services.
Sportradar's profitability also soared, with Adjusted EBITDA reaching €66 million, a 30% year-over-year increase. This impressive growth was driven by the robust revenue performance, reflecting the company's ability to effectively leverage its operating leverage. Furthermore, the company reported a net income of €37.1 million, a significant improvement from the €4.6 million recorded in the same quarter last year.
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