DraftKings Q2 Earnings Highlights: Sports Betting Company Launches $1-Billion Buyback, Misses On Revenue, Beats On Earnings
Portfolio Pulse from Chris Katje
DraftKings reported Q2 earnings with revenue of $1.10 billion, missing estimates but showing a 26% YoY increase. EPS beat expectations at 22 cents. The company announced a $1-billion share buyback and raised its full-year 2024 revenue guidance. However, adjusted EBITDA guidance was lowered.
August 01, 2024 | 8:42 pm
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DraftKings reported Q2 revenue of $1.10 billion, missing estimates but up 26% YoY. EPS beat at 22 cents. Announced a $1-billion share buyback and raised 2024 revenue guidance. Adjusted EBITDA guidance was lowered.
The revenue miss and lowered EBITDA guidance could be seen as negatives, but the EPS beat, strong customer growth, and $1-billion buyback are positive signals. The raised revenue guidance for 2024 also adds optimism.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100