On August 7, DraftKings Inc. rose 5.12% in regular trading, trading at $23.29/share, with turnover of $248 million. The rally follows the company's Q2 earnings report released the prior evening, where user metrics significantly exceeded expectations.
DraftKings reported Q2 monthly unique payers of 3.6 million, substantially beating the FactSet consensus of 3.1 million. However, Q2 revenue came in at $1.44 billion versus the $1.51 billion expected, and adjusted EPS was $0.09 versus the $0.17 consensus. Average revenue per unique payer was $132, below the $159.81 estimate. The company reaffirmed its full-year revenue guidance of $6.5 billion to $6.9 billion, in line with the analyst consensus of $6.72 billion.
With shares having already declined over 45% from prior highs and valuations substantially compressed, the significant user growth beat served as the primary catalyst for the rebound. Notable investor Michael Burry had previously disclosed a position in DraftKings at the $26 range earlier this year.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments