DraftKings Reports First Quarter Revenue of $770 Million; Raises 2023 Revenue Guidance Midpoint to $3.185 Billion and Improves 2023 Adjusted EBITDA Guidance Midpoint to ($315) Million

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Go back to DraftKings Reports First Quarter Revenue of $770 Million; Raises 2023 Revenue Guidance Midpoint to $3.185 Billion and Improves 2023 Adjusted EBITDA Guidance Midpoint to ($315) Million

DraftKings (DKNG) shares surge following beat and raise, but analysts still cautious

May 5, 2023 10:10 AM EDT

DraftKings (NASDAQ: DKNG) shares jumped more than 18% at the open on Friday after reporting first-quarter earnings and revenue above analyst consensus expectations.

The sports betting company posted a narrower-than-expected loss of $0.51 per share, compared to the analyst estimate of a loss of $0.85 per share. Revenue for the quarter came rose 84% YoY to $770 million versus the consensus estimate of $694.81 million.

The company's strong revenue performance was driven primarily by its efficient acquisition of new customers, product innovation driving higher hold percentage, decreased promotional... More