Genius Sports Limited ( (GENI) ) has released its Q3 earnings. Here is a breakdown of the information Genius Sports Limited presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Genius Sports Limited is a global leader in sports data, technology, and media solutions, connecting various stakeholders in the sports ecosystem through innovative technology and data-driven insights.
In the third quarter of 2024, Genius Sports exceeded its financial guidance, reporting a revenue of $120 million, an 18% increase year-over-year, and raising its full-year revenue and Adjusted EBITDA growth outlook significantly. The company also achieved a net income of $13 million, reflecting a substantial turnaround from the previous year’s loss.
Key highlights of the quarter include a notable 30% growth in its Betting Technology division, attributed to expanded content utilization and favorable contract renegotiations. The company also secured strategic partnerships with major entities like ESPN and Reddit, enhancing its media and fan engagement capabilities. Additionally, Genius Sports made significant leadership appointments and launched innovative platforms aimed at enriching the fan experience.
Looking forward, Genius Sports has raised its 2024 revenue and Adjusted EBITDA forecasts to $511 million and $86 million, respectively, signaling a strong growth trajectory. The management remains optimistic about generating positive cash flow and maintaining its momentum in the evolving sports betting market.
