DraftKings Raises Annual Sales Forecast, Citing Customer Growth

Bloomberg2024-05-02

DraftKings Inc. raised its annual target for sales and profit, even as the online betting giant reported some first-quarter results that came short of analysts’ expectations.

Revenue at the Boston-based company climbed 53% to $1.18 billion, in the three months ended March 31. Analysts were expecting $1.22 billion. The company’s loss per share, at 30 cents, was greater than the consensus forecast for a 26-cent loss.

Monthly active players rose 23% to 3.4 million, also shy of forecasts for 3.6 million. Adjusted earnings before interest, taxes, deprecation and amortization was $22.4 million, beating analysts’ projections of $5.2 million.

The company raised its annual guidance for sales and Ebitda to about $4.9 billion and $500 million, from previous projections of about $4.78 billion and $460 million, respectively. DraftKings cited continued growth in customer acquisitions and betting revenue.

The shares were up about 2% in after-hours trading.

Penn Entertainment Inc., which operates the ESPN Bet site, reported results in its online gambling business on Thursday that fell short of analysts estimates on Thursday. Penn shares fell 8.8%.

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DraftKings cited continued growth in customer acquisitions and betting revenue.</p><p style=\"text-align: start;\">The shares were up about 2% in after-hours trading.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c3682d86cc89ba91858174dbaa264533\" tg-width=\"843\" tg-height=\"623\"/></p><p style=\"text-align: start;\">Penn Entertainment Inc., which operates the ESPN Bet site, reported results in its online gambling business on Thursday that fell short of analysts estimates on Thursday. 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