DraftKings Inc. (DKNG)
DraftKings Inc. (DKNG) Q2 2024 Earnings Call Transcript
DraftKings Inc. (NASDAQ:DKNG ) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET Company Participants Stanton Dodge - Chief Legal Officer Jason Robins - Co-Founder and Chief Executive Officer Alan Ellingson - Chief Financial Officer Conference Call Participants David Katz - Jefferies Shaun Kelley - BofA Stephen Grambling - Morgan Stanley Joe Greff - JPMorgan Clark Lampen - BTIG Robert Fishman - MoffettNathanson Ben Miller - Goldman Sachs Robin Farley - UBS Dan Politzer - Wells Fargo Joe Stauff - Susquehanna Carlo Santarelli - Deutsche Bank Bernie McTernan - Needham & Company Jed Kelly - Oppenheimer Barry Jonas - Truist Brandt Montour - Barclays Jordan Bender - Citizens JMP Ryan Sigdhal - Craig-Hallum Capital Group Michael Graham - Canaccord Genuity Chad Beynon - Macquarie Jeff Stantial - Stifel Lance Vitanza - TD Cowen Operator Good day, and thank you for standing by. Welcome to DraftKings' [First Quarter] (sic) Second Quarter 2024 Earnings Call.
Why DraftKings Stock Is Sinking Today
DraftKings beat earnings expectations and narrowly missed Wall Street's sales target in Q2. Even though the company raised its full-year sales target, it significantly reduced its adjusted EBITDA forecast.
DraftKings: Another Step Closer Into A Profitable Giant
DraftKings reported Q2 earnings in line with expectations, growing well and expanding profitability through scaling operations. The 2024 outlook was revised into more aggressive revenue growth but lower adjusted EBITDA with multiple underlying factors under the change. The company continues improving its underlying financials from the incredibly high CAC in prior years, and is well on track to achieve its longer-term targets.
DraftKings to tax winning bets in high-rate states in a bid to boost profit
DraftKings is planning a tax on consumers in states with the highest sports betting tax rates, as the company looks to boost profit. Starting next year it will implement a gaming surcharge on winning bets in states with multiple betting operators and where the tax rate is above 20%.
DraftKings Shares Fall After EPS Beat, Lower EBITDA Guidance
DraftKings NASDAQ: DKNG is in the consumer discretionary sector and is the 17th largest U.S. company in the Hotel, Restaurants, and Leisure industry, with a market capitalization of $17 billion. It is underperforming its sector so far in 2024, with a total return of 0.7%.
DraftKings' stock slides 5% after revenue miss, but analysts are still upbeat
DraftKings Inc.'s stock slid 5% early Friday as analysts weighed in on quarterly earnings that showed a profit but revenue that lagged estimates, with most taking a bullish stance on the company's longer-term prospects.
DraftKings (DKNG) Q2 Earnings Beat Estimates
DraftKings (DKNG) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of a loss of $0.03 per share. This compares to loss of $0.17 per share a year ago.
DraftKings Q2 Earnings Highlights: Sports Betting Company Launches $1-Billion Buyback, Misses On Revenue, Beats On Earnings
Sports betting and iGaming company DraftKings Inc DKNG reported second-quarter financial results after the market close Thursday.
DraftKings shares skid after revenue miss weighs against surprise profit
DraftKing Inc.'s stock tumbled 5% in after-hours trading Thursday, after the company swung to an unexpected second-quarter profit but revenue fell slightly short of estimates.
DraftKings Shutters NFT Marketplace Amid Legal Headaches
Online betting service DraftKings said is closing down its three-year-old non-fungible token (NFT) marketplace. The company announced Tuesday (July 30) it was shuttering the marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to “recent legal developments.
DraftKings (DKNG) to Report Q2 Earnings: What's in Store?
DraftKings' (DKNG) second-quarter 2024 performance is likely to have benefited from robust demand for mobile sports betting and heightened customer acquisition, engagement and retention strategies.
DraftKings (DKNG) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
DraftKings (DKNG) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
