Sunday, May 19, 2024

DraftKings on Pace for Worst Drop on Record. Ebitda Loss Guidance ‘Disappointing,’ Analyst Says.

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DraftKings stock was falling Friday even though the company raised its financial forecasts for 2022. A J.P. Morgan analyst said the sports betting company is lagging behind its peers on its path to profitability.

DraftKings (ticker: DKNG) said it now expects revenue for the year to be in the range of $2.16 billion to $2.19 billion, up from its previous call for between $2.08 billion and $2.18 billion. The sports betting company also changed its forecast for adjusted earnings before interest, taxes, depreciation, and amortization to point to a narrower loss of between $800 million and $780 million, compared with its prior call for a loss of between $835 million and $765 million.

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