Why Sportradar Stock Is Sprinting Higher Wednesday

Sportradar Group AG SRAD shares are trading higher Wednesday after the company reported fourth-quarter results. 

What Happened: Sportradar reported fourth-quarter revenue of €206.3 million ($220.7 million), up 35% year-over-year. The company said much of the growth was driven by strong performance in Managed Betting Services.

SportRadar reported an adjusted EBITDA loss of $37.6 million, which was improved on a year-over-year basis as a result of strong revenue growth despite increased investment for growth.

"We saw excellent performance across all of our key performance metrics despite challenging macroeconomic conditions including a second consecutive quarter of positive Adjusted EBITDA in the U.S.," said Carsten Koerl, CEO of Sportradar.

"Our continued long-term partnerships with leading global sports bodies, and innovation across new technologies such as artificial intelligence and computer vision and as important, a team passionate about delivering solutions to our clients, make us very excited about our growth in 2023 and beyond."

Sportradar expects fiscal 2023 revenue to be in a range of $965.1 million to $984.4 million. Adjusted EBITDA is expected to be between $168 million and $178.7 million.

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SRAD Price Action: Sportradar shares were up 5.53% at $12.41 at the time of writing, according to Benzinga Pro.

Photo: Pexels from Pixabay.