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DraftKings’ Stock Dips On Profit Miss

Shares of DraftKings (DKNG) are down 1% after the online betting and sports gambling company posted quarterly results that missed Wall Street targets on the top and bottom lines.

DraftKings announced a loss per share of $0.10 U.S. versus expectations for a profit of $0.08 U.S.

Revenue for the fourth quarter of 2023 came in at $1.23 billion U.S. compared to $1.24 billion U.S. that was expected among analysts.

Despite the missed estimates, DraftKings reported that its revenue grew 44% from a year earlier.

The company recently launched its Sportsbook betting product in Maine and Vermont, bringing it to a total of 24 U.S. states that now allow its mobile sports betting.

DraftKings said that it averaged 3.5 million “monthly unique payers” in Q4 2023, a 37% increase from the same period in 2022. The average revenue per payer saw a 6% increase from the previous year.

Along with its earnings, DraftKings announced that it is acquiring lottery app Jackpocket for $750 million U.S.

In terms of guidance, DraftKings said it expects fiscal year 2024 revenue of $4.65 billion U.S. to $4.90 billion U.S. It added that it foresees earnings of $410 million U.S. to $510 million U.S.

Prior to today (Feb. 16), the stock of DraftKings had risen 150% over the last 12 months to trade at $44.46 U.S. per share.