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DraftKings Inc. (NASDAQ:DKNG) reported mixed second-quarter financial results, after the closing bell on Thursday.
DraftKings reported second-quarter revenue of $1.10 billion, up 26% year-over-year. The revenue total missed a Street consensus estimate of $1.11 billion, according to data from Benzinga Pro. DraftKings reported earnings per share of 22 cents in the quarter, beating a Street consensus estimate of a loss of 1 cent per share.
The average revenue per MUP was $117 in the second quarter, down 15% year-over-year. A lower average revenue per MUP for Jackpocket was named by DraftKings as the reason for the decline.
The company raised its full-year 2024 revenue guidance to a range of $5.5 billion to $5.25 billion, up from a prior range of $4.8 billion to $5 billion. The new guidance represents year-over-year growth of 38% to 43%.
Adjusted EBITDA guidance was lowered to a range of $340 million to $420 million, down from a prior range of $460 million to $540 million. The company guides for fiscal 2025 adjusted EBITDA to be in a range of $900 million to $1 billion.
DraftKings shares fell 0.4% to trade at $31.92 on Monday.
These analysts made changes to their price targets on DraftKings following earnings announcement.
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