Sports data and analytics pioneer Sportradar says it’s cutting about 10% of its workforce labor costs as part of a restructuring initiative announced as the company’s third quarter revenue came up short of Wall Street expectations.
“It’s a tough step,” Sportradar founder and CEO Carsten Koerl said on a call with analysts Wednesday morning. “We believe it is the right thing to do to make our business fit for future growth. … We have two major big deals—with the NBA and with the ATP—with amazing opportunities for us. But we’re going to need to handle the cost aspect of this.”
