DraftKings (NASDAQ:DKNG) stock is on the rise Friday after the company revealed plans to release its upcoming earnings report on Aug. 5.
According to a press release from the digital sports and gaming company, it will release its earnings report for the second quarter of 2022 before markets open that day. It will also hold a conference call covering that report at 8:30 a.m. Eastern Time.
So what can investors expect from the most recent DraftKings earnings report? Wall Street is looking for the company to report adjusted earnings per share of -83 cents alongside revenue of $434.76 million for the period.
News of that earnings report has investors feeling bullish today as the price of DKNG stock increases. It could be they’re expecting strong results from the company for Q2 2022. But what would lead them to believe that’s the case?
Earlier this week, several CEOs of casinos weighed in on how the economy was affecting their businesses. So far, they haven’t seen major problems related to inflation and a potential recession. Adding to that, the American Gaming Association (AGA) said the last three months have been the best in the industry’s history.
It makes sense that statements like that would bolster faith in investors of DKNG stock. Now we just have to wait and see if their obedience will be rewarded when Aug. 5 rolls around.
DKNG stock is up 12% as of Friday afternoon but is still down 55.2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
