Genius Sports Turns To Q3 Profit On Revenue Growth; Raises FY Revenue Outlook Above View; Stock Up

(RTTNews) - Genius Sports Limited (GENI) Tuesday reported net income of $12.51 million or $0.05 per share for the third quarter compared with net loss of $11.62 million or $0.05 per share in the same quarter a year ago. The sports data and technology company also raised its full-year revenue outlook above the Street expectations. Genius Sports shares were up more than 11 percent in pre-market.

Revenue for the quarter increased 18.2 percent to $120.19 million from $101.73 million in the previous year.

On average, 11 analysts were expecting the company to report a loss of $0.01 per share on revenue of $118.94 million. Analysts' estimates typically exclude special items.

Looking ahead, the company has raised its full-year revenue outlook to $511 million from $510 million guided earlier. The consensus estimate stands at $509.95 million.

For the fourth quarter, revenue is expected at $176 million. The Street is looking for revenue of $175.84 million.

Genius Sports stock had closed at $8.08, up 0.30 percent on Monday. It has traded in the range of $4.90 - $8.64 in the last 1 year.