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Published: February 15, 2024 at 4:53 PM ET
DraftKings stock fell more than 2% in extended trading Thursday. That’s because the sports betting platform surprised Wall Street with a quarterly loss and revenue that was in line with expectations.
DraftKings DKNG’s fourth-quarter loss was $45 million, or 10 cents per share, compared with a loss of $243 million, or 53 cents per share, in the year-ago period.
Revenue…
DraftKings stock fell more than 2% in extended trading Thursday. That’s because the sports betting platform surprised Wall Street with a quarterly loss and revenue that was in line with expectations.
draft kings
DKNG
The company lost $45 million, or 10 cents per share, in the fourth quarter, compared to a loss of $243 million, or 53 cents per share, in the year-ago period.
Revenue for the quarter rose 44% to $1.23 billion thanks to “continued healthy customer engagement, efficient new customer acquisition,” and expansion into new markets, the company said. Stated.
Analysts surveyed by FactSet had expected the company to report revenue of $1.24 billion and earnings of 8 cents per share.
“DraftKings continued to grow in customer acquisition, retention, and engagement despite the worst sports results we’ve ever seen as a publicly traded company in the fourth quarter,” co-founder and CEO Jason Robbins said in a statement. , and finished 2023 with strong performance in structural sportsbook hold rates.” In a statement.
The company has raised its fiscal 2024 sales forecast to $4.65 billion to $4.9 billion, from the previous forecast of $4.5 billion to $4.8 billion announced in November.
Analysts surveyed by FactSet expect 2024 sales to be $4.7 billion. The updated guidance range corresponds to year-over-year growth of 27% to 34%.
DraftKings also raised its 2024 adjusted EBITDA outlook to $410 million to $510 million, up from previous guidance of $350 million to $450 million.
DraftKings stock ended the regular trading day up 1.3%.
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