DraftKings advances despite Q2 revenue and margin miss
+8.39% to $24.03 from $22.17
What moved DKNG
- Second-quarter revenue fell 4.6% year-over-year to $1.44 billion even as sports-betting handle rose 14.5% to $13.14 billion.
- Sports net revenue margin declined to 6.8% from 8.7%, driven by customer-friendly sports outcomes and higher promotional spending tied to new-customer acquisition.
- Adjusted EBITDA dropped 62% to $114.6 million.
- The company reaffirmed full-year revenue guidance of $6.5-$6.9 billion and adjusted EBITDA guidance of $700-$900 million.
Sources: BusinessWire · ts2.tech