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DraftKings Earnings: DKNG Stock Drops 5% on Mixed Q2, Rough Figures

DraftKings (NASDAQ:DKNG) earnings for the second quarter of fiscal year 2020 have DKNG stock taking a beating on Friday morning. This comes despite reported revenue of $70.93 million beating Wall Street’s estimate of $66.4 million. However, the company’s adjusted losses per share of 55 cents was much worse than analysts’ expectation for a 19-cent loss.

DraftKings (DKNG) logo on a phone

Source: Lori Butcher / Shutterstock.com

Moreover, the company said GAAP losses per share were also 55 cents for the period.

Here is what else is worth mentioning from the most recent DraftKings earnings report.

  • Adjusted per-share losses were 266.7% worse than 15 cents during Q2 2019.
  • Revenue for the quarter comes in 23.6% higher compared to $57.39 billion during the same time last year.
  • Operating loss of $160.44 million is 462.4% worse year-over-year than than a loss of $28.53 million.
  • The DraftKings earnings report also includes a net loss of $161.44 million.
  • That’s 474.3% worse than a loss of $28.11 million from the second quarter of 2019.

Jason Robins, co-founder, chairman and CEO of DraftKings, had this to say about the DKNG stock earnings:

“We believe that the best product will ultimately win with the American consumer. As a technology first organization, we will continue to focus on bringing new and innovative products to market that strengthen our engagement with customers and maintain our competitive differentiation.”

The company also introduced FY2020 pro forma revenue guidance of $500 million to $540 million. That said, Wall Street is calling for revenue of $496.36 million for the same period. Additionally, the release mentions that “DraftKings at this time does not anticipate an impact to its long-term plans due to COVID-19.”

DKNG stock was down 4.8% as of Friday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/draftkings-earnings-dkng-stock-drops-5-on-mixed-q2-rough-figures/.

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