By Kuldip K. Ambastha
On Friday, February 17, 2023, the stock price of DraftKings Inc. (DKNG), an American fantasy sports contest and sports betting company, rose by +15.3% per share. The company had a strong 4Q2022, with revenue growth alongside an improved financial forecast for the year of 2023. For the quarter, DraftKings exceeded expectations by having a -$0.53 earnings per share (EPS) figure compared with a Wall Street consensus forecast of -$0.59. In 2023, the company is now expecting less of a loss than before, paired with a path to profit in 2024. Corporate leaders have made strong expense management a priority, and this will lead to improved earnings before interest, taxes, depreciation, and amortization (EBITDA) going forward.
Keywords – DraftKings Inc., DraftKings, DKNG, fantasy sports, sports betting, 4Q2022, 2023, 2024, revenues, earnings per share, EPS, forecast, loss, profit, expense management, earnings before interest, taxes, depreciation, and amortization, EBITDA.
Disclosure – The principals and clients of Ambastha Financial LLC have no positions in DKNG.
Disclaimer – No recommendations are being made via this post. Past performance is not an indicator of future performance. As an investor, you should do your own research and seek professional advice from a Registered Investment Adviser (RIA). You can lose money by investing in stocks and other instruments. Ambastha Financial LLC does not assume any responsibility (legal or otherwise) for any losses that may occur as a result of actions taken based on this post. All content copyrighted © 2023 – Ambastha Financial LLC.
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