{"id":4681,"date":"2023-05-05T14:21:09","date_gmt":"2023-05-05T18:21:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/draftkings-stock-surges-on-earnings-report-what-wall-street-is-saying\/"},"modified":"2023-05-05T14:21:10","modified_gmt":"2023-05-05T18:21:10","slug":"draftkings-stock-surges-on-earnings-report-what-wall-street-is-saying","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4681","title":{"rendered":"DraftKings Stock Surges on Earnings Report. What Wall Street Is Saying."},"content":{"rendered":"
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\n DraftKings
\n stock surged Friday as markets digested its positive first-quarter results, but analysts are drawing different cards when it comes to the path to profitability. <\/p>\n

On Thursday,
\n DraftKings
\n (ticker: DKNG) posted first-quarter revenue of $769.65 million, higher than analysts\u2019 estimate of $704.3 million, and soaring past the $417.21 million recorded a year ago, according to FactSet. <\/p>\n

\n

The sports betting company also posted an adjusted loss of 51 cents a share for the quarter, narrower than the 70-cent loss analysts had forecast, and improving upon the 74-cent loss from the year-ago quarter.\u00a0<\/p>\n

DraftKings stock jumped 15% to $24.54 in afternoon trading Friday.\u00a0<\/p>\n

Needham analyst Bernie McTernan wrote in a Friday report the company\u2019s recent quarterly performance is \u201ccontinuing to provide encouraging data points for the future profitability of the enterprise.\u201d <\/p>\n

\u201cWe think the legislative environment is overall supportive of greater market access as it\u2019s a win-win for consumers and states,\u201d he added. The analyst has a Buy rating and $28 price target on shares. <\/p>\n

Not all states allow sports betting, but \u201clegalization trends continue to be positive,\u201d the company said in a letter to shareholders, adding that \u201cunder any reasonable new state launch scenario in 2023 and 2024, we expect to be able to generate positive Adjusted EBITDA for full-year 2024.\u201d According to the earnings release, the company is live with mobile sports betting in 21 states. <\/p>\n

The company on Thursday boosted its outlook for fiscal year 2023. It now projects full-year revenue between $3.135 billion and $3.235 billion, from a prior range of $2.85 billion to $3.05 billion, citing \u201cstronger customer retention and engagement,\u201d among other positives.<\/p>\n

It also revised its full-year forecast for adjusted Ebitda\u2014earnings before interest, taxes, depreciation, and amortization\u2014to a loss of $290 million to $340 million from a previous loss range of $350 million to $450 million.\u00a0<\/p>\n

In a Thursday report, Stifel analyst Jeffrey Stantial called the guidance arguably conservative, adding that it likely positions DraftKings for a steady beat-and-raise story. <\/p>\n

\u201cHowever, profitability likely remains several quarters away,\u201d Stantial continued. He added that he sees risk of market share constricting as the company rationalizes customer acquisition spend and competitors\u2014including Fanatics and Bet 365\u2014establish roots in the United States. He maintained his Hold rating and $23 price target.\u00a0<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

DraftKings stock surged Friday as markets digested its positive first-quarter results, but analysts are drawing different cards when it comes to the path to profitability. On Thursday, DraftKings (ticker: DKNG) posted first-quarter revenue of $769.65 million, higher than analysts\u2019 estimate of $704.3 million, and soaring past the $417.21 million recorded a year ago, according to […]<\/p>\n","protected":false},"author":1,"featured_media":4682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-4681","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nDraftKings Stock Surges on Earnings Report. 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