DraftKings on Thursday released quarterly results that didn’t meet Wall Street estimates on both revenue and profit, but it did manage to boost its revenue by 44%.
Here’s what DraftKings reported compared to what Wall Street anticipated, based on analyst estimates compiled by LSEG, previously known as Refinitiv:
Loss per share: 10 cents vs. the expected profit of 8 cents
Revenue: $1.23 billion vs. the expected $1.24 billion
The sports betting firm witnessed a 44% revenue surge year-over-year. DraftKings recently introduced its Sportsbook product in Maine and Vermont, expanding its reach to 24 states where mobile sports betting is permitted.
For the final quarter of 2023, DraftKings recorded a net loss of $44.6 million, compared to $242.7 million during the same period the previous year. Losses per share improved to a loss of 10 cents from a loss of 53 cents in 2022.
In the latest report, DraftKings revealed a 37% surge in its average “monthly unique payers,” reaching 3.5 million, compared to the same period in 2022. Additionally, the company noted a 6% increase in its average revenue per MUP during the fourth quarter, compared to the previous year.
DraftKings also disclosed its intention to acquire the lottery app Jackpocket for approximately $750 million, announced after the market’s closing on Thursday.
Looking ahead to 2024, DraftKings revised its fiscal year guidance to a range of $410 million to $510 million, up from the previous forecast of $350 million to $450 million. This adjustment excludes any anticipated impact from the planned acquisition of Jackpocket.
