2023-05-10 14:29:53 ET
Sportradar Group AG ( NASDAQ: SRAD ) fell 12.80% in afternoon trading on Wednesday after the sports technology company only reaffirmed full-year guidance alongside its Q1 earnings report.
Sportradar guided for FY23 revenue to be in the range of €902.0M to €920M ($983.2M to $1002.8M) and adjusted EBITDA to be in a range of €157.0M to €167.0M ($171.1M to $182.0M). On Wall Street, Jefferies analyst David Katz said the quarterly results and guide from SRAD were generally mixed versus expectations and therefore neutral for the stock.
During the company's earnings call, Sportradar ( SRAD ) talked up the potential of using AI to improve liquidity trading in the real time analysis of deep sports data. The expectation is that AI could result in margin improvement over the time. Sportradar ( SRAD ) CEO Carsten Koerl was clear that the sports data industry is in a transformation process.
"So we are replacing human beings collecting sport information with digital systems. So that's a continuous process. And it will be rolled out over most of the sport. What it provides is much deeper insights into the sport, what it provides is that we can create new value creating products for our clients."
See the full Sportradar earnings call transcript
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Sportradar says AI is transforming the sports data industry