Why DraftKings Stock Is Winning Today

DraftKings Inc. DKNG shares are trading higher Friday after the company reported better-than-expected third-quarter financial results and raised its 2023 revenue guidance midpoint to above the analyst consensus estimate.

What To Know:

DraftKings reported its third-quarter financial results after the market close on Thursday with quarterly revenue of $790 million, beating the analyst consensus estimate of $682.21. Revenue was up 57% compared to the same quarter last year.

The company reported a loss of 61 cents per share, beating the consensus estimate of a loss of 70 cents per share.

The company raised its fiscal year revenue guidance to a new range of $3.67 billion to $3.72 billion, implying an increase of 64% to 66% in revenue year-over-year.

Jason Robins, CEO of DraftKings, stated, "Our fantastic third quarter results demonstrate the positive impact of our product and technology investments as well as excellent preparation and execution by our entire organization,"

"Our new and differentiated features and functionality have created an exceptional user experience that sustains engagement for our mobile sports betting and iGaming customers."

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DKNG Price Action: According to Benzinga Pro, DraftKings shares are up 7.8% at $31.25 at the time of publication.

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