DraftKings reports fourth quarter revenue of $855 Million 

Finance News

Draftkings shares have jumped in after-hours trading as the digital sports entertainment and gaming company posted a fourth-quarter revenue beat and raised its fiscal 2023 guidance.  

DraftKings stock had added 6.3% at US$18.94 shortly after the release of its results. 

For the three months ended December 31, 2022, the company reported revenue of $855 million, up 81% from revenue of $473 million in the year-ago quarter, and ahead of the Street’s expectation of $801 million.

DraftKings CEO Jason Robins said moving into 2023, the company would continue to drive revenue growth and focus on expense management to accelerate its adjusted EBITDA growth.

“We have already taken several actions that resulted in an increase to our revenue guidance and significant improvement in our adjusted EBITDA guidance,” he said.