NEW YORK & LONDON - Genius Sports Limited (NYSE:GENI), a key player in sports data, technology, and commercial partnerships, has announced the appointment of Robbie Bach, former Chief Xbox Officer at Microsoft (NASDAQ:MSFT), to its Board of Directors, effective from October 1, 2024.
Bach, recognized for his instrumental role in launching the Xbox gaming console and Xbox Live service, brings extensive experience in technology and entertainment to Genius Sports. His leadership is credited with establishing Xbox as a major brand in entertainment, evolving it into a multimedia hub that offers streaming services and digital downloads.
During his tenure at Microsoft, Bach also served as President of the Entertainment & Devices Division, where he was involved in the launch of products such as Zune and Windows Phone. He has also held positions on the boards of Sonos (NASDAQ:SONO), the U.S. Olympic and Paralympic Committee, and the Brooks advisory board.
Genius Sports CEO Mark Locke expressed enthusiasm about Bach's appointment, highlighting his expertise in consumer-focused innovation within technology and entertainment sectors. Locke anticipates that Bach's insights will significantly contribute to the company's mission to revolutionize the way sports content is engaged with globally.
Bach himself is eager to work with Genius Sports, acknowledging the company's exceptional growth and advanced technology. He aims to support the company's ongoing success and innovation.
Genius Sports partners with over 400 sports organizations worldwide, including the NFL, EPL, FIBA, NCAA, NASCAR, AFA, and Liga MX. The company's technology, which includes big data, computer vision, machine learning, and augmented reality, is designed to enhance fan experiences by connecting the sports ecosystem from rights holders to fans.
This press release contains forward-looking statements regarding the anticipated benefits of Bach's appointment. However, actual results may vary due to multiple factors. This article is based on a press release statement from Genius Sports.
In other recent news, Genius Sports Limited has reported strong Q2 2024 earnings, with revenues reaching $95 million and an adjusted EBITDA of $21 million, surpassing market expectations. The company is targeting a revenue of $510 million and an adjusted EBITDA of $85 million for the full year of 2024, which includes a 29% revenue growth in the second half of 2024 compared to the same period in 2023.
Simultaneously, Genius Sports announced the appointment of ex-Google executive Mark Kropf as its new Group Chief Technology Officer, expected to contribute significantly to the development of the company's advanced sports data and AI platform, GeniusIQ. The company also extended its exclusive data partnership with Football DataCo, securing data rights for the English Premier League until 2029, and will supply the league with a new semi-automated offside technology system from the 2024/25 season, powered by GeniusIQ.
In response to recent rumors, Genius Sports has publicly denied any merger discussions with Kambi. Meanwhile, Benchmark maintained its Buy rating on shares of Genius Sports, citing the expanding total addressable market for sports betting, particularly in the U.S., as a positive indicator. These are among the recent developments at Genius Sports, a key player in the sports data and technology industry.
InvestingPro Insights
As Genius Sports Limited (NYSE:GENI) welcomes Robbie Bach to its Board of Directors, investors may be interested in some key financial metrics and insights provided by InvestingPro.
According to InvestingPro data, Genius Sports has shown strong revenue growth, with a 20.65% increase in the last twelve months as of Q2 2024. This aligns with the company's expansion and partnerships with major sports organizations mentioned in the article. An InvestingPro Tip notes that analysts anticipate sales growth in the current year, which could be further bolstered by Bach's expertise in consumer-focused innovation.
Despite the positive revenue trajectory, it's worth noting that Genius Sports is not currently profitable. The company's operating income margin stands at -19.21% for the last twelve months as of Q2 2024. This is reflected in an InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year.
On a positive note, Genius Sports holds more cash than debt on its balance sheet, which could provide financial flexibility as the company pursues its growth strategy and technological advancements under Bach's guidance.
The stock has shown significant momentum, with a 39.07% price total return over the last three months and a 34.78% return over the past six months. This performance suggests that investors may be optimistic about the company's future prospects and strategic moves, such as the appointment of high-profile board members like Bach.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 11 more InvestingPro Tips available for Genius Sports, providing a deeper understanding of the company's financial health and market position.
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