Tuesday, February 27, 2024
HomeFinancialDraftKings (DKNG) This autumn 2021 earnings

DraftKings (DKNG) This autumn 2021 earnings

Shares of DraftKings fell greater than 20% Friday morning after it posted fourth-quarter earnings that beat analyst estimates for the quarter however revealed the corporate expects a better adjusted loss for 2022 than analysts had projected.

This is what the corporate reported:

  • Loss per share: 35 cents, ex-items vs 81 cents estimated, in keeping with a Refinitiv survey of analysts
  • Income: $473 million vs $445 million estimated, in keeping with Refinitiv

However DraftKings mentioned it anticipated an adjusted EBITDA loss for 2022 between $825 million and $925 million, a lot increased than the estimated adjusted EBITDA lack of $572.7 million, in keeping with StreetAccount.

The corporate confirmed that it is spending extra on advertising and marketing because it launches in new markets, which contributed to a wider loss from operations. It spent $981.5 million in 2021, for instance, in comparison with $495.1 million in 2020.

Whole adjusted working bills grew to $601 million for the fourth quarter, in comparison with $526 million in Q3.

DraftKings raised its income steerage for 2022 from a spread of $1.7 billion to $1.9 billion to a spread of $1.85 billion to $2 billion. The corporate mentioned the projection displays the launch of cell sports activities betting in New York and Louisiana in the beginning of the 12 months.

Subscribe to CNBC on YouTube.

WATCH: DraftKings and the push to legalize sports betting

Source link



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments