DraftKings Inc (NASDAQ: DKNG) reported better-than-expected revenue for its fiscal first quarter on Friday. Shares still slid 8.0% as increased expense made it lose more money on a year-over-year basis.
Notable figures in DraftKings Q1 earnings report
Lost $467.7 million in Q1 versus the year-ago figure of $346.3 million.
Per-share loss of $1.14 was worse than 87 cents a share last year.
Adjusted per-share loss stood at 74 cents in the recent financial quarter.
Revenue jumped 34% to $417 million, as per the earnings press release.
Consensus was for adjusted per-share loss of $1.09 on $412 million in revenue.
Ended the quarter with 2 million monthly unique payers, up 29% YoY.
$67 of average revenue per payer was 11% higher than the same quarter last year.
DraftKings cited strong customer acquisition, engagement, and retention for top-line growth in fiscal Q1.
Future outlook and CEO’s interview on CNBC
Also on Friday, DraftKings raised its guidance for full-year revenue to $1.93 billion – $2.03 billion on up to $840 million in adjusted EBITDA loss. On CNBC’s “Squawk on the Street”, CEO Jason Robbins said:
We haven’t seen any impact on demand due to inflation. We found a number of cost efficiencies and overall, the macroeconomic environment could help sports betting gain more momentum.
The stock is now down 50% for the year. DraftKing’s 2022 outlook doesn’t factor in the Golden Nugget acquisition and the upcoming launch in Ontario, Canada. The chief executive added:
Golden Nugget will add a ton of synergy that’ll eventually make its way to the bottom-line. Ontario will meaningful contribution to profit, and both will grow top-line in this year and beyond.
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