Copyright Benzinga
DraftKings Inc (NASDAQ:DKNG) reported third-quarter financial results after the market close on Thursday. Here’s a look at the key details from the report. DKNG stock is moving. Review the technical setup here. Q3 Earnings: DraftKings posted third-quarter revenue of $1.14 billion, missing analyst estimates of $1.22 billion, according to Benzinga Pro. The sports betting and online gaming company reported an adjusted loss of 26 cents per share for the third quarter, beating estimates for a loss of 42 cents per share. Total revenue was up 4% on a year-over-year basis, driven primarily by continued healthy customer engagement, efficient acquisition of new customers and higher structural Sportsbook hold percentage. Monthly unique payers increased 2% year-over-year to 3.6 million. Average revenue per monthly unique payer totaled $106 in the quarter, up 3% year-over-year. DraftKings ended the period with approximately $1.23 billion in cash and cash equivalents. “This is the most bullish I have ever felt about our future. Underlying growth in the business is accelerating and we are excited to launch DraftKings Predictions in the coming months, which we view as a significant incremental opportunity,” said Jason Robins, co-founder and CEO of DraftKings. What’s Next: DraftKings lowered its full-year revenue guidance from a range of $6.20 billion to $6.40 billion to a new range of $5.9 to $6.1 billion. Analysts are looking for full-year revenue of $6.21 billion. The company also revised its full-year adjusted EBITDA guidance to a range of $450 million to $550 million. DraftKings executives will provide some additional color on an earnings call scheduled for Friday morning at 8:30 a.m. ET. DKNG Price Action: DraftKings shares were down approximately 24% year-to-date heading into the print. The stock was down 3.68% in after-hours, trading at $26.95 at the time of publication on Thursday, according to Benzinga Pro. Read Next: DraftKings, Flutter Stocks Downgraded On Prediction Market Risk: ‘Relentless Headwinds’ Image: Shutterstock.com
