September 30, 2022
By : Quick Insurance Guru
As sports betting legalization spreads across U.S. states, DraftKings (DKNG) is at the forefront of the online betting industry.
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DraftKings shares fell in early morning trade after the company announced its fourth quarter results.
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The company lost 80 cents a share and adjusted for the loss of 35 cents on $473 million in revenue.
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IBD estimates that the company would lose 82 cents a share on revenue of $448.4 million.
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DKNG's stock reversed from early losses to rally more than 4%, trading at around 18 per share. Shares hit a 52-week low on Feb. 22, falling as low as 16.57.
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DraftKings is primed to take advantage of the shift in state attitudes toward sports betting, according to the Wall Street Journal.
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DraftKings aims to be profitable. After losing $3.95 a share in 2020, Deutsche Bank expects to lose $3.61 per share in 2021 and $2.46 per share in 2022, according to IBD data.
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The company lost $1.35 per share, or 16.6 percent, on revenue of $212.8 million.
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The midpoint of revenue guidance for fiscal 2021 was boosted to $1.26 billion, versus the previous midpoint of $1.25 billion.
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Analysts have projected sales of $1.29 billion. In fiscal 2022, the company expects sales between $1.7 billion and $1.9 billion.
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