Late Thursday DraftKings stock tumbled after the sports-betting company missed estimates for third-quarter results.
↑
X
Donald Trump Wins 2024 Election: What It Means For Market Trends, Tesla Stock And Cryptocurrency Prices
DraftKings (DKNG) reported a loss of 60 cents per share, barely improved from a loss of 61 cents last year. Revenue increased 39% to $1.095 billion.
FactSet analysts expected the loss to improve to 41 cents per share, while the revenue jump fell short of estimates for $1.11 billion.
Monthly unique players (MUPs) rose to 3.6 million from 2.29 million last year, while analysts expected 3.51 million.
The average revenue per MUP came in at $103, compared to $114 per share last year. FactSet anticipated $105.66 per unique player.
DraftKings lowered its 2024 revenue guidance to range from $4.85 billion to $4.95 billion, down from the previous range of $5.05 billion to $5.25 billion due to customer-friendly sports outcomes early in the fourth quarter.
The company introduced its 2025 revenue outlook of $6.2 billion to $6.6 billion, representing 31% growth at the midpoint of the updated 2024 range.
FactSet analysts expect 2024 revenue of $5.13 billion, growing to $6.24 billion in 2025.
Elsewhere, Jefferies in a Wednesday research note wrote that Missouri and Virginia passed gambling ballot initiatives. That should benefit DraftKings and Flutter (FLUT), parent of rival FanDuel, according to The Fly.
DraftKings Stock
DKNG stock fell more than 5% late Thursday, positioning the stock to pull back from a test of resistance at its 200-day moving average. DraftKings shares swung 1.9% higher during Thursday trade.
Over the last five trading days DKNG stock advanced, including a 4.9% surge Wednesday to jump above its 50-day moving average.
DraftKings climbed nearly 11% in 2024 through Thursday’s close.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
YOU MAY ALSO LIKE:
Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Join IBD Live And Learn Top Chart Reading And Trading Techniques From Pros
