DraftKings Shares Slide On Q3 Revenue Miss, Narrowed FY21 Revenue Outlook

DraftKings Inc DKNG reported third-quarter FY21 sales growth of 60.1% year-on-year, to $212.82 million, missing the analyst consensus of $236.6 million.
"On a same state basis and taking into consideration lower than expected hold primarily due to NFL game outcomes, third quarter revenue would have been $40 million higher," CFO Jason Park said.
Monthly Unique Payers increased by 31%, and Average Revenue Per Monthly Unique Payer grew by 38%.
General and administrative expenses rose 72.5% Y/Y to $219.7 million. The operating loss widened to $(546.5) million.
The company held $2.9 billion in cash and equivalents as of September 30, 2021.
GAAP EPS loss was $(1.35) versus $(1.11) last year. On an adjusted basis, EPS loss was $(0.82).
Outlook: DraftKings narrows FY21 sales outlook to $1.24 billion - $1.28 billion (prior view $1.21 billion - $1.29 billion), versus the consensus of $1.29 billion.
The company expects FY22 sales of $1.7 billion - $1.9 billion, against the consensus of $1.81 billion.
Price Action: DKNG shares are trading lower by 4.63% at $42.61 in premarket on the last check Friday.