Shares of sports data provider Sportradar (NASDAQ:SRAD) are soaring today after it posted an improved bottom line for the third quarter.
Revenue surged by 31% year-over-year to $175.2 million but missed the cut by ~$1.5 million. Importantly, adjusted EBITDA at $35.8 million registered a 75% increase over the prior year.
Further, the company continues to see growth across the U.S. and rest-of-the-world- betting businesses.
Buoyed by its Q3 showing, SRAD has upped its fiscal 2022 expectations. Revenue is anticipated between $703.6 million and $708.5 million.
Adjusted EBITDA is seen hovering between $121.5 million and $124.5 million. This implies a year-over-year growth between 22% and 24%.
At the same time, SRAD shares have corrected nearly 40.6% year-to-date.
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