Shares of Sportradar Group AG (SRAD) surged 15.49% on November 7, 2024, after the sports technology company reported impressive third-quarter financial results and raised its full-year guidance, fueled by strong demand for its products and services.
For the third quarter, Sportradar posted revenue of €255.2 million, a remarkable 27% increase from the same period last year and surpassing analysts' estimates of €238.5 million. This robust growth was driven by a 32% rise in the Betting Technology & Solutions segment and an 8% increase in Sports Content, Technology & Services.
The company's profitability also soared, with net income from continuing operations reaching €37.1 million, a significant jump from €4.6 million a year ago. This impressive performance was primarily attributed to the strong operating results and favorable foreign currency movements. Adjusted EBITDA for the quarter climbed 30% year-over-year to €65.8 million, with an Adjusted EBITDA margin of 25.8%.
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