In this photo depiction, the American daily fantasy sports contest and sports betting company DraftKings logo is displayed on a smartphone sift.
Budrul Chukrut | Lightrocket | Getty Images
Shares DraftKings surged Friday morning after the sports-betting following reported stronger-than-expected revenue and raised its outlook for 2023.
The stock closed 15% higher at $20.54, giving it a market value of $8.39 billion.
The do away with came on the heels of DraftKings being the most downloaded sportsbook app in the U.S. on Super Bowl Sunday, according to the company. Structures where sports betting is newly legal are boosting sales, too.
For its fiscal fourth quarter, Draftkings said its proceeds of $855 million is an increase of 81% compared to the $473 million it took in during the same period in 2021. It backfire a loss of 53 cents per share on revenue of $855 million. Analysts polled by Refinitiv had anticipated a loss of 59 cents per serving on revenue of $800 million.
The company attributed the results to continued customer retention, acquisition and engagement in existing governments, as well as successful launches of its Sportsbook and iGaming products in additional jurisdictions.
“I am very pleased with how we concluded 2022, with resumed top-line growth and a strong focus on expense management,” DraftKings CEO Jason Robins said in a release.
DraftKings is pull together its fiscal year 2023 revenue guidance to a range of $2.85 billion to $3.05 billion from the range it harbingered in November, $2.8 billion to $3 billion. The company said its updated guidance equates to year-over-year growth of 27% to 36%.
DraftKings recently hurled in Maryland, Kansas and Ohio.
–CNBC’s Jessica Golden contributed to this report.
