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

Genius Sports Limited (GENI) announced a net income of $12.51 million, or $0.05 per share, for the third quarter, a notable turnaround from a net loss of $11.62 million, or $0.05 per share, in the same period the previous year. The sports data and technology firm also upgraded its annual revenue forecast, surpassing market expectations. As a result, Genius Sports' stock surged over 11% in pre-market trading.

The company's revenue for the quarter saw an 18.2% rise to $120.19 million, compared to $101.73 million in the prior year.

Analysts had generally predicted a loss of $0.01 per share, with anticipated revenues of $118.94 million. Typically, analysts' forecasts omit special items.

Looking to the future, Genius Sports increased its full-year revenue projection to $511 million, up from the previously stated $510 million. Wall Street's consensus stood at $509.95 million.

For the fourth quarter, the company expects revenue to reach $176 million, aligning closely with analyst expectations of $175.84 million.

On Monday, Genius Sports' shares closed at $8.08, marking a 0.30% increase. Over the past year, its shares have fluctuated between $4.90 and $8.64.