{"id":1299,"date":"2024-11-07T21:13:20","date_gmt":"2024-11-07T22:13:20","guid":{"rendered":"http:\/\/buckinghamshire-removals.co.uk\/?p=1299"},"modified":"2024-11-14T14:21:00","modified_gmt":"2024-11-14T14:21:00","slug":"draftkings-tumbles-after-lowering-2024-guidance","status":"publish","type":"post","link":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/2024\/11\/07\/draftkings-tumbles-after-lowering-2024-guidance\/","title":{"rendered":"DraftKings Tumbles After Lowering 2024 Guidance"},"content":{"rendered":"

The house doesn\u2019t always win. DraftKings\u2019 (NASDAQ: DKNG) after-hours tumble proves as much as shares of the online sportsbook operator slid after the company lower its 2024 earnings and revenue guidance, citing good fortune by clients in the current quarter.<\/p>\n

\"DraftKings
A DraftKings billboard appears at Times Square in New York City. The stock slipped late Thursday after the company pared its 2024 guidance. (Image: NASDAQ)<\/figcaption><\/figure>\n

In extended trading, DraftKings was lower by 5.71% at this writing after the company said it now expects 2024 earnings before interest, taxes, depreciation, and amortization (EBITDA) of $240 million and $280 million on revenue of f $4.85 billion to $4.95 \u201cdue to the impact of customer-friendly sport outcomes early in the fourth quarter.\u201d<\/p>\n

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Those estimates are below the EBITDA guidance of between $340 million and $420 million and sales forecast of $5.05 billion to $5.25 billion the operator revealed in August<\/a>. The new revenue guidance implies year-over-year growth of 32% to 35%.<\/p>\n<\/div>\n

While DraftKings stock rebounded significantly off the after-hours lows, the lowered 2024 outlook reverberated across sports wagering equity space, sending FanDuel parent Flutter Entertainment (NYSE: FLUT) lower by nearly 3%.<\/p>\n

DraftKings 2025 Guidance Looks Solid<\/h2>\n

DraftKings paring its 2024 EBITDA and revenue outlooks likely caught investors by surprise because the company typically lifts guidance<\/a> when it delivers earnings. It somewhat held up its end of that bargain with its newly released 2025 revenue view.<\/p>\n

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DraftKings is introducing a fiscal year 2025 revenue guidance range of $6.2 billion to $6.6 billion, which equates to approximately 31% year-over-year growth based on the midpoints of the Company\u2019s updated fiscal year 2024 revenue guidance range and the Company\u2019s fiscal year 2025 revenue guidance range,\u201d according to a press release.<\/p>\n<\/blockquote>\n

The operator said it still expects 2025 EBITDA of $900 million to $1 billion — an estimate it announced in August. That forecast doesn\u2019t include contributions from Missouri where online sports betting could go live at some point next year after voters there approved a related ballot measure<\/a> on Tuesday.<\/p>\n

\u201cDraftKings expects to launch its Sportsbook product in Missouri pending market access, licensure, regulatory approvals, and contractual approvals where applicable,\u201d added the company.<\/p>\n

DraftKings Q3 Results Decent<\/h2>\n

Likely helped by the start of football season in September, DraftKings\u2019 third-quarter results were sturdy with revenue increasing 39% to $1.09 billion from the year-earlier period. Monthly unique players (MUPs) surged 56%.<\/p>\n

That\u2019s a sign that the $750 million of online lottery provider Jackpocket<\/a> announced earlier this year is paying dividends because excluding Jackpocket, DraftKings MUPs growth was 27%. However, the average Jackpocket customers spends less money than the typical DraftKings bettor and that led to a 10% decline in average revenue per MUP (ARPMUP) in the September quarter.<\/p>\n

\u201cThe decrease was primarily due to lower ARPMUP for Jackpocket customers, when compared to customers of DraftKings\u2019 existing product offerings prior to the acquisition, partially offset by improvement in the Company\u2019s structural Sportsbook hold percentage and improved promotional reinvestment for Sportsbook and iGaming. Excluding the impact of the acquisition of Jackpocket, ARPMUP increased approximately 8% compared to the third quarter of 2023,\u201d added DraftKings.<\/strong><\/p>\n

The post DraftKings Tumbles After Lowering 2024 Guidance<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The house doesn\u2019t always win. DraftKings\u2019 (NASDAQ: DKNG) after-hours tumble proves as much as shares of the online sportsbook operator slid after the company lower its 2024 earnings and revenue guidance, citing good fortune by clients in the current quarter. A DraftKings billboard appears at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1299"}],"collection":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1299"}],"version-history":[{"count":1,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1299\/revisions"}],"predecessor-version":[{"id":1300,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1299\/revisions\/1300"}],"wp:attachment":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1299"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}