Why Shares Of Genius Sports Are Trading Higher Today

Sports betting data provider Genius Sports GENI reported first-quarter results and guidance on Thursday morning.

What Happened: Genius Sports reported first-quarter revenue of $53.7 million, up 52% year over year. The company reported adjusted EBITDA of $9.3 million in the first quarter compared to a net loss of $5.3 million in the same period last year.

Betting technology segment revenue was up 42% year over year, while sports technology revenue was up 42%. Media technology revenue was up 127%.

Genius Sports highlighted its recently announced six-year partnership with the NFL and a partnership with FanDuel. The company also highlighted recent acquisitions of FanHub and Second Spectrum.

Genius Sports raised full-year fiscal 2021 revenue guidance from $190 million to a range of $250 million to $260 million.

Price Action: Shares of Genius Sports are up 9% to $21.41 on Thursday.