DraftKings (DKNG, $49.21) beats Q1...

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published in Blogs

May 07, 2021

DraftKings (DKNG, $49.21) beats Q1 expectations

Sports-betting platform DraftKings reported first quarter results that was better than analysts’ expectations, on the back of strong revenue growth.

DraftKings’ adjusted loss for the quarter came in at - 36 cents a share, narrower than the -43 cents loss a share anticipated by analysts polled by FactSet.

The company’s revenue surged +252.6% from the year-ago quarter to $312.3 million, exceeding analysts' estimates of $236.2 million.

The number of monthly unique players was 1.5 million as of its first quarter, vs. 1.31 million expected by analysts (according to FactSet). Average revenue per monthly unique paying customer came in at $61 in the first quarter, rising +48% from the year-ago period. It was boosted by increased engagement with its iGaming and mobile sports betting product offerings, as well as cross-selling, the company said.

Looking ahead, DraftKings boosted its fiscal 2021 revenue guidance from a range of $900 million to $1 billion to a range of $1.05 billion to $1.15 billion. Analysts had been expecting $1.05 billion.

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