Sportradar Group AG's stock plummeted 11.63% during early intraday trading on Tuesday.

The sharp decline followed the company's release of first-quarter financial results that significantly missed analyst expectations. Sportradar reported a loss of $0.02 per share, well below the consensus estimate of $0.06 per share, and revenue of $405.8 million that fell short of the $420.6 million estimate.

The earnings miss represents a swing to a loss from a profit in the same period last year, with the company citing an unrealized foreign-currency loss as a contributing factor to its widened net loss.