DraftKings reported first-quarter revenue of $1.41 billion, up 20% year-over-year but missing analyst expectations of $1.44 billion, according to data from Benzinga Pro. Earnings of 12 cents per share also fell short of the 22-cent estimate. Revenue growth came from strong customer engagement, new customer acquisition, a higher structural sportsbook hold percentage, and the impact of the Jackpocket acquisition. The company lowered its full-year revenue guidance from a previous range of $6.3 billion to $6.6 billion to a new range of $6.2 billion to $6.4 billion. DraftKings CEO Jason Robins said product enhancements are boosting key performance metrics, with strong customer trends despite macroeconomic challenges.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02DraftKings reported first quarter revenue of $1.41 billion of 20% year-over-year,
00:07with missing analyst expectations of $1.44 billion, according to data from Benzinga Pro.
00:11Earnings of $0.12 per share also fell short of the $0.22 estimate. Revenue growth came from
00:16strong customer engagement, new customer acquisition, a higher structural sportsbook
00:20hold percentage, and the impact of the jackpocket acquisition. The company lowered its full-year
00:26revenue guidance from a previous range of $6.3 billion to $6.6 billion to a new range of $6.2
00:31billion to $6.4 billion. DraftKings CEO Jason Robbins said product enhancements are boosting
00:36key performance metrics with strong customer trends despite macroeconomic challenges.
00:41For all things money, visit Benzinga.com slash GSTV.