(Updated - November 13, 2020 7:13 AM EST, update includes EPS not announced in original press release)

DraftKings (NASDAQ: DKNG) reported Q3 EPS of ($0.98) vs the estimate of ($0.61) on revenue of $133 million versus the consensus estimate of $131.75 million.

GUIDANCE:

DraftKings sees FY2020 revenue of $540-560 million, versus the consensus of $528.5 million.

DraftKings sees FY2021 revenue of $750-850 million, versus the consensus of $772.6 million.

• DraftKings is raising its fiscal year 2020 pro forma revenue guidance from a range of $500 to $540 million to a range of $540 to $560 million, which equates to year-over-year pro forma revenue growth of 25% to 30% in 2020, despite COVID-19’s impact on the major sports calendar. This guidance assumes that all announced sports calendars are maintained through the end of the year and that we continue to operate in states in which we are live today.
• DraftKings is also introducing 2021 revenue guidance of $750 million to $850 million, which equates to 45% year-over-year growth based on the mid-points of the Company’s 2020 pro forma revenue guidance range and the Company’s 2021 revenue guidance range. This range is based on the same assumptions used for the Company’s 2020 guidance, in particular that all professional and college sports calendars that have been announced come to fruition, including the commencement of their 2020 to 2021 seasons, and that we continue to operate in states in which we are live today.
• Detailed financial data and other information is available in DraftKings’ Quarterly Report on Form 10-Q, being filed today with the Securities and Exchange Commission, as well as in a slide presentation that can be accessed through the “Investors” section of the Company’s website at investors.draftkings.com.
• For earnings history and earnings-related data on DraftKings (DKNG) click here.