In this photo illustration the DraftKings logo is seen displayed on a smartphone.
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DraftKings It released quarterly results on Thursday that missed Wall Street estimates for revenue and profits, but grew its revenue by 44%.
Here's what DraftKings reported compared to what Wall Street expected, based on analyst estimates compiled by LSEG, formerly known as Refinitiv:
- Loss per share: 10 cents versus an expected profit of 8 cents
- Revenue: $1.23 billion vs. $1.24 billion expected
The sports betting company saw a 44% increase in revenue year over year. DraftKings recently launched its sports betting product in Maine and Vermont, bringing it to a total of 24 states that allow its mobile sports betting.
For the final three months of 2023, DraftKings reported a net loss of $44.6 million compared to $242.7 million in the same period a year earlier. Losses per share improved to a loss of 10 cents versus a loss of 53 cents in 2022.
DraftKings saw an average of 3.5 million “monthly single payers,” an increase of 37% over the same period in 2022. The company's average MUP revenue saw a 6% increase in the fourth quarter compared to past year.
DraftKings also announced after the bell Thursday that it plans to acquire lottery app Jackpocket for approximately $750 million.
For 2024, the company is raising its guidance for the fiscal year to between $410 million and $510 million compared to its previous guidance of between $350 million and $450 million. That excludes the company's estimated impact from its planned acquisition of Jackpocket.
