DraftKings Inc. (NYSE: DKNG) earnings not so great, but Stock soared on upbeat Forecast

Related Topics

Facebook
Twitter
LinkedIn
WhatsApp

As the online sports betting business sees more states legalizing gambling, DraftKings Inc. (NYSE: DKNG) posted mixed third fiscal quarter results on early Friday.

The company stock which is trading way above its 200-day moving average closed 3.85% up high at 42.84 on Friday evening.

Analysts predicted a loss of 63 cents a share on sales of $132.2 million. A net 98 cents a share was lost by DraftKings, though the adjusted loss was 57 cents. The profits hit 132.84 million dollars. That has been up by 98% compared to a year ago, or by 42% pro forma.

Monthly unique users passed a gigantic figure of 1 million, up 64 percent compared with one year-ago period.

Looking forward to a former range of 500 million to $540 million, the sports betting specialist currently expects full-year sales of $540 million to $560 million. This will be a 25 percent -30 percent pro forma gain. Analysts had expected sales of $530 million in 2020.

Initial 2021 sales guidance provided by DraftKings was from $750 million to $850 million, a 45 percent raise at the midpoint. Wall Street in the meantime was anticipating $780 million.

The company stock which is trading way above its 200-day moving average closed 3.85% up high at 42.84 on Friday evening.

fIn an S-1 filing in October, DraftKings gave a quick glimpse at the third fiscal quarter performance. It added, atypical NFL wagering hold rates for the three months ended September 30, 2020, culminated in an expected adverse sales effect of roughly $15 million focused on the company’s historic average online sports betting hold rate of about 6.5%.

A high number of favorites paying off for bettors also leads to a poor catch. Largely, greater bets than expected were paid out.

Although DraftKings is best known for online sports betting, through its iGaming app, it is now making a massive step into casino games.

Leave a Comment

Your email address will not be published.

Top ev stock

Five Top EV Stocks to Buy Right Now

The push towards electrification and decarbonization has never been more apparent. With governments and international institutions on the same page as climate change activists, the

Latest Posts