DraftKings Non-GAAP EPS of -$0.17 beats by $0.07, revenue of $1.1B misses by $10M
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21 hours ago
- DraftKings press release (NASDAQ:DKNG): Q3 Non-GAAP EPS of -$0.17 beats by $0.07.
- Revenue of $1.1B (+39.2% Y/Y) misses by $10M.
- Fiscal Year 2024 and 2025 Guidance: DraftKings is introducing a fiscal year 2025 revenue guidance range of $6.2 billion to $6.6 billion vs. consensus of $6.26B, which equates to approximately 31% year-over-year growth based on the midpoints of the Company’s updated fiscal year 2024 revenue guidance range and the Company’s fiscal year 2025 revenue guidance range.
- DraftKings continues to expect fiscal year 2025 Adjusted EBITDA to be in the range of $900 million to $1.0 billion, which the Company previously announced on August 1, 2024.
- DraftKings is revising its fiscal year 2024 revenue guidance due to the impact of customer-friendly sport outcomes early in the fourth quarter of 2024 to a range of $4.85 billion to $4.95 billion vs. consensus of $5.12B from the range of $5.05 billion to $5.25 billion, which the Company previously announced on August 1, 2024. The Company’s updated 2024 revenue guidance range equates to year-over-year growth of 32% to 35%.
- DraftKings is revising its fiscal year 2024 Adjusted EBITDA guidance due to the impact of customer-friendly sport outcomes early in the fourth quarter of 2024, partially offset by promotional optimization and expense efficiency. The Company now expects fiscal year 2024 Adjusted EBITDA of between $240 million and $280 million compared to its prior fiscal year 2024 Adjusted EBITDA guidance of between $340 million and $420 million, which the Company previously announced on August 1, 2024.
- The Company’s guidance for fiscal years 2024 and 2025 includes all of its existing mobile sports betting and iGaming jurisdictions as well as Jackpocket.
- DraftKings’ revenue and Adjusted EBITDA guidance for fiscal years 2024 and 2025 does not include the impact of mobile sports betting launching in Missouri. DraftKings expects to launch its Sportsbook product in Missouri pending market access, licensure, regulatory approvals, and contractual approvals where applicable.
- Mobile Sports Betting and iGaming Footprint: DraftKings is live with mobile sports betting in 25 states and Washington, D.C. which collectively represent approximately 49% of the U.S. population.
- DraftKings is also live with iGaming in 5 states, representing approximately 11% of the U.S. population.
- DraftKings is live with its Sportsbook and iGaming products in Ontario, Canada, which represents approximately 40% of Canada’s population.
- On November 5, 2024, Missouri voters passed a ballot initiative that legalized sports betting in the state. DraftKings expects to launch its Sportsbook product in Missouri pending market access, licensure, regulatory approvals, and contractual approvals where applicable.
- DraftKings expects to launch its Sportsbook product in Puerto Rico pending market access, licensure, regulatory approvals, and contractual approvals where applicable
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