DraftKings reported record second-quarter results, with revenue climbing 37% year over year to $1.513 billion, above the $1.41 billion analysts expected. Net income reached $157.9 million and adjusted EBITDA more than doubled to $301 million. Adjusted earnings per share came in at $0.38, comfortably topping the $0.28 consensus forecast. Customer engagement continued to strengthen. The company averaged 3.3 million Monthly Unique Payers in the quarter, a 6% increase from a year earlier, while average revenue per user rose 29% to $151, helped by a higher sportsbook hold and tighter promotional spending. Management reaffirmed full-year guidance for revenue of $6.2 billion to $6.4 billion and adjusted EBITDA of $800 million to $900 million, saying results are trending toward the upper end of the revenue range. DraftKings said the forecast now factors in a planned mobile sports-betting launch in Missouri later this year but excludes any potential contribution from a still-unlaunched prediction-markets offering the company continues to evaluate.
Place your bets? DraftKings stock down a bit today despite solid earnings. Competitor Flutter Entertainment, owner of FanDuel, reports after the close. Stock slightly lower today. But both $DKNG and $FLUT up about 20% this year.
Losing bet? DraftKings stock lower today despite solid earnings. Competitor Flutter Entertainment, owner of FanDuel, reports after the close. Stock slightly lower today. But both $DKNG and $FLUT up about 20% this year.
DraftKings Walks Fine Line on Prediction-Markets Debate as Investor Interest Grows https://t.co/orLjQrFcKT