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DraftKings Inc (NASDAQ:DKNG) reported fourth-quarter FY21 sales growth of 47% year-on-year, to $473.3 million, beating the analyst consensus of $445.18 million.
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- "We grew revenue 47% year-over-year to $473 million in the fourth quarter despite lower-than-expected hold in October primarily due to NFL game outcomes," said CFO Jason Park.
- Monthly Unique Payers for the B2C segment increased by 32%, and Average Revenue Per Monthly Unique Payer grew by 19% to $77.
- General and administrative expenses rose 39% Y/Y to $240.8 million. The operating loss widened to $(368.7) million.
- GAAP EPS loss was $(0.80). On an adjusted basis, EPS loss was $(0.35).
- The adjusted EBITDA loss for the quarter was $(127.9) million.
- With launches in New York and Louisiana, DraftKings is now live with mobile sports betting in 17 states, representing about 36% of the U.S. population.
- Related: DraftKings To Launch Mobile Sportsbook In Louisiana
- Outlook: DraftKings raised FY22 sales outlook to $1.85 billion - $2 billion (prior view $1.7 billion - $1.9 billion), versus the consensus of $1.9 billion.
- The company introduced and expected an FY22 adjusted EBITDA loss of $(925) million - $(825) million. The company reported an adjusted EBITDA loss of $(676.1) million in FY21.
- DraftKings expects to be Contribution Profit positive for FY22 across all states where it is currently live, including New York and Louisiana.
- The company would expect to generate positive Adjusted EBITDA in the fourth quarter of 2023 if legalization trends remain consistent with prior years.
- Price Action: DKNG shares are trading lower by 17.20% at $18.27 in premarket on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.