Why Genius Sports Stock Skyrocketed Today
Shares of Genius Sports (NYSE: GENI) were up over 20% as of 10:59 a.m. on Tuesday following the company's first-quarter earnings report. The technology provider for the sports betting and media industries reported revenue that exceeded expectations. Management also guided for a strong rest of the year, especially for the all-important bottom line.
The stock is 84% off its all-time highs set in 2021 but has risen 36% year to date.
Revenue growth hasn't been a problem for Genius Sports, but the company's net loss narrowed by 37% in the first quarter. While it's still underwater, investors were pleased to see growing demand for the company's services lead to improving margins.
Source Fool.com
