DraftKings loss narrows to $450 million, stock falls after earnings

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Shares of DraftKings Inc. DKNG, -27.82% were falling more than 10% in premarket trading Friday, though the company beat with its revenue in the latest quarter and saw its losses narrow. The company posted a third-quarter net loss of $450.5 million, or $1.00 a share. DraftKings lost $545.0 million in the year-earlier quarter. Revenue surged to $502 million from $213 million and easily exceeded the FactSet consensus, which was for $439 million. “Throughout 2022, we’ve struck the right balance between delivering differentiated top-line growth and driving operating efficiencies,” Chief Executive Jason Robins said in a release. Executives now anticipate $2.16 billion to $2.19 billion in full-year revenue, whereas their prior outlook was for $2.08 billion to $2.18 billion in revenue. The FactSet consensus was for $2.14 billion. DraftKings’ management also introduced a 2023 revenue forecast that calls for $2.80 billion to $3.00 billion in revenue, while analysts surveyed by FactSet were looking for $2.83 billion.

This article was originally published by Marketwatch.com. Read the original article here.

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