Sportradar Group AG SRAD shares are trading lower on Wednesday. The company announced a new organizational structure, reaffirmed full-year 2023 and full-year 2024 guidance and reported that its CFO will resign.
What To Know: On Wednesday, the company announced measures in alignment with its previously stated initiatives to streamline its organizational structure.
The new organizational structure will address six business functions including Product Delivery and Operations, Growth and Innovation, as well as Legal, Risk and Administrative Services. Additionally, Ulrich Harmuth, who served as Sportradar's CSO, will be leaving the company.
The company also announced CFO Gerard Griffin will be leaving. Griffin will serve until May 31, or until the company can appoint a permanent successor.
Sportradar reiterated its fiscal 2023 revenue guidance of between $947.2 million and 958.1 million, or year-over-year growth between 19% and 21%.
Adjusted EBITDA is anticipated to be between $148.7 million and $153.3 million, marking year over-year growth between 29% and 33%, while adjusted EBITDA margin is estimated to be between 18.4% and 19.2%.
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SRAD Price Action: Shares of Sportradar were down 8.97% at $10.56 at the time of publication, according to Benzinga Pro.
Image by Oleg Gamulinskii from Pixabay
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