DraftKings Inc (NASDAQ:DKNG) reported downbeat first-quarter financial results after market close Thursday.
DraftKings reported first-quarter revenue of $1.41 billion, up 20% year-over-year. The revenue total missed a Street consensus estimate of $1.44 billion according to data from Benzinga Pro. The company reported earnings per share of 12 cents, missing a Street consensus estimate of 22 cents per share.
“Recent product enhancements are driving outperformance in our core value drivers, and our customer metrics continue to be strong through an evolving macroeconomic environment,” DraftKings CEO Jason Robins said.
The company lowered its full-year revenue guidance from a previous range of $6.3 billion to $6.6 billion to a new range of $6.2 billion to $6.4 billion. The company also cut its full-year adjusted EBITDA guidance from a range of $900 million to $1.0 billion to a new range of $800 million to $900 million.
DraftKings shares gained 4.4% to trade at $37.83 on Monday.
These analysts made changes to their price targets on DraftKings following earnings announcement.
Considering buying DKNG stock? Here’s what analysts think:
Read This Next:
Photo via Shutterstock
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.