In this illustration, the DraftKings logo is seen on a smartphone.
Rafael Henrique | Sopa pictures | Light rocket | Getty Images
DraftKings reported quarterly results on Thursday that fell short of Wall Street estimates in terms of revenue and profit, but increased its top line by 44%.
Here’s what DraftKings reported compared to Wall Street’s expectations, according to analyst estimates from LSEG, formerly known as Refinitiv:
- Loss per share: 10 cents versus an expected profit of 8 cents
- Revenue: $1.23 billion versus expected $1.24 billion
The sports betting company reported a 44% year-over-year increase in revenue. DraftKings recently launched its sports betting product in Maine and Vermont, bringing it to a total of 24 states that allow mobile sports betting.
For the final three months of 2023, DraftKings reported a net loss of $44.6 million, compared to $242.7 million in the same period last year. Loss per share improved to a loss of 10 cents from a loss of 53 cents in 2022.
DraftKings averaged 3.5 million “monthly single payers,” a 37% increase over the same period in 2022. The company’s average revenue per MUP increased 6% year-over-year in the fourth quarter.
DraftKings also announced Thursday that it plans to acquire lottery app Jackpocket for about $750 million.
For 2024, the company is increasing its fiscal year guidance to $410 million to $510 million, compared to its previous forecast of $350 million to $450 million. This does not take into account the estimated impact on the company from the planned acquisition of Jackpocket.
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2024-02-15 23:09:14
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