DraftKings Q1 Earnings Highlights: Sportsbook Posts Revenue Beat, EPS Beat, Raises Revenue, EBITDA Guidance
Portfolio Pulse from Chris Katje
DraftKings Inc (NASDAQ:DKNG) reported Q1 earnings with a revenue of $1.18 billion, a 53% increase year-over-year, surpassing the consensus estimate of $1.12 billion. EPS was 3 cents, beating the expected loss of 28 cents per share. The company attributes its revenue growth to customer engagement, acquisition, and new territory launches, with monthly unique payers up 23% year-over-year. DraftKings raised its 2024 revenue guidance to $4.8 billion to $5 billion and adjusted EBITDA guidance to $460 million to $540 million. The company is also planning to launch in Puerto Rico and highlighted potential expansions with legislation in nine jurisdictions.
May 02, 2024 | 8:54 pm
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DraftKings reported a significant Q1 earnings beat with revenue and EPS surpassing estimates, leading to an increase in 2024 revenue and EBITDA guidance. The company's expansion into new territories and planned launch in Puerto Rico indicate potential for continued growth.
DraftKings' Q1 earnings beat and raised guidance for 2024 reflect strong operational performance and growth prospects. The company's successful expansion into new territories and positive outlook on future jurisdictions indicate a robust growth trajectory. These factors are likely to positively influence investor sentiment and stock price in the short term.
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