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DraftKings reported a loss of 53 cents per share on record revenue of $855 million (80.8% year-over-year growth), while Wall Street was expecting a loss of 59 cents per share on revenue of $800 million.
On a GAAP basis, the operating loss was down 37% from a year ago, and was only 27% of revenue instead of the previous 77%. CEO and co-founder Jason Robins said the company increased revenue 81% in the fourth quarter from a year ago and delivered positive adjusted EBITDA in both October and for the quarter. The company will focus on cost management to accelerate growth in adjusted EBITDA, and will continue to grow revenue through 2023.
The company raised its full-year revenue estimate to $2.85-3.05 billion, which is midpoint in line with consensus as more states legalize sports betting. Also, fresh data coming out of the Super Bowl weekend suggests the gaming industry could see a 30% increase this year.
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(source: investing.com)
Analysis of InvestaGO
* Past performance is no guarantee of future results
[1] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or the current economic environment, which may change. Such statements are not guarantees of future performance. They involve risks and other uncertainties that are difficult to predict. Results may differ materially from those expressed or implied by any forward-looking statements.
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