Sportradar Group AG ( NASDAQ: SRAD ) raced higher in early trading on Wednesday after the company raised its revenue outlook for FY22.
Revenue was up 31% in Q3 for Sportradar ( SRAD ) with the U.S. segment seeing 61% growth and the rest of world segment growing 28%. Notably, Sportradar managed to generate a U.S. profit for the first time off what it said was solid operational leverage in the business model.
Adjusted EBITDA came in at €36.5M vs. €20.9M a year ago.
Jefferies analyst David Katz said SRAD's quarterly results reflected strong growth across all segments with the biggest surprise in U.S. achieving positive EBITDA earlier than expected. Katz noted that while FY22 revenue guidance was raised, the midpoint of EBITDA guidance was lowered slightly. The firm has a Buy rating on SRAD and price target of $18.
Shares of Sportradar ( SRAD ) jumped 16.26% in premarket trading on Wednesday to $11.80 to follow a 3.26% gain on Tuesday. The rally pushed SRAD back over its 200-day moving average.
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Sportradar soars after reporting first profit for U.S. business