SRAD - Why Sportradar Group Stock Soared Today
2024-03-20 16:07:00 ET
Shares of Sportradar Group (NASDAQ: SRAD) are up 11.2% as of 3:40 p.m. ET Friday after the Switzerland-based sports-betting technology company announced stronger-than-expected fourth-quarter 2023 results and a new stock-repurchase program.
Sportradar's fourth-quarter 2023 revenue grew 22% year over year to 252.6 million euros ($278 million), translating to earnings of 0.11 euros (.12 dollars) per share. Analysts, on average, were only expecting earnings of 0.05 euros (.05 dollars) per share on revenue closer to 249.3 million euros ($270 million).
Trending toward the bottom line, Sportradar's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 13% year over year to 39.5 million euros ($43 million), and its customer net-retention rate remained healthy at 111%.
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Why Sportradar Group Stock Soared Today