Genius Sports stock slides 25% Tuesday despite NFL-driven rise in U.S. sales and earnings

Genius Sports stock slides 25% Tuesday despite NFL-driven rise in U.S. sales and earnings

Article brief provided by Sportico
  • Brendan Coffey, Sportico
November 23, 2021 11:49 PM
  • Brendan Coffey, Sportico

Genius Sports revenue grew 70% in the third quarter to more than $69 million, as its NFL data deal helped push U.S. sales to more than a fifth of its global business in the period. Still, the top line improvement came with a wider than expected loss, and shares plunged 25% on the day to close at $10.19.

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Genius Sports shares tumbled to as low as $9.87 on very heavy volume, as a shortfall against Wall Street consensus earnings expectations and general bearishness around growth stocks on inflation fears led to the sell-off. The drop put Genius’ shares at almost half their value of two weeks ago, likely guaranteeing the company’s stock will close lower for the 13th straight trading day.