Supplier Sportradar has announced its earnings for Q3 2023, showing an increase in overall net revenue but a significant drop in profit from continuing operations. In this quarter, the company reported net revenue of €201m ($211.9) compared to €178.8m last year, reflecting a 12% increase.
Despite this, however, profits from continuing operations dropped sharply: 64% compared to this time last year. Of all of Sportradar's reports, this fall was the most significant.
The most significant increase in metrics for Sportradar came from its adjusted EBITDA, up from €36.5m to €50.5m. This signifies an increase of 38% from this time last year, which Sportradar accounts for ‘primarily due to strong revenue growth and higher operating leverage.’
In the US specifically, revenue was €35.1m, which signifies an 11% increase from Q3 2023. This is in line with the overall growth of the company as outlined in its net revenue, with Sportradar attributing this increase to ‘growth of 19% collectively in betting and gaming, and audiovisual products.’
Sportradar is a sports technology company focused on ‘creating immersive experiences for sports fans and bettors’. Founded in 2001, two-decade-old company combined sports, media and betting to provide solutions for media, sports federations, and commercial platforms.
At the time of writing, Sportradar's stock is valued at $8.44 on 31 October 2023.
On the results of this quarter, Sportradar CEO Carsten Koerl said: “As the leader in our industry, we aim to consistently deliver value to our clients, partners and shareholders. For 2023 we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024.”
