Why Genius Sports (GENI) Stock Is Shooting Higher - Genius Sports (NYSE:GENI)

Genius Sports Limited GENI shares are trading higher Tuesday following upbeat first-quarter results and raised FY23 guidance.
The company reported first-quarter FY23 sales growth of 13.2% year-on-year to $97.23 million, beating the consensus of $92.28 million.
Strength in Betting Technology revenues bolstered quarterly performance. The company expects to demonstrate its operating leverage and gain from favorable industry trends for profitable growth.
Segment Revenue: Betting Technology, Content & Services increased by 30.2%, Media Technology, Content & Services fell by 9.8%, and Sports Technology & Services plunged by 11.2%.
Gross profit was $9.53 million versus the $(15.45) million loss a year ago. Loss from operations narrowed to $(23.03) million. EPS loss was $(0.12), missing the analyst consensus of $(0.09) loss.
The company held $131. million in cash and equivalents as of March 31, 2023.
Mark Locke, Genius Sports Co-Founder and CEO, said, "2023 is the year in which Genius expects to significantly accelerate Group Adj. EBITDA profitability and rapidly expand margins."
Outlook: Genius Sports raised its outlook for FY23. The company expects revenue of $400 million, against the previous expectation of $391 million (consensus $391.95 million).
It sees Adjusted EBITDA of $49 million, higher than the previous estimate of $41 million.
GENI sees Q2 revenue of $80 million (consensus $78.05 million) and Adjusted EBITDA of $14 million.
Price Action: GENI shares are trading higher by 17.6% at $4.77 on the last check Tuesday.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Why Genius Sports Stock Is Shooting Higher