BOSTON - DraftKings Inc. (NASDAQ: NASDAQ:DKNG) reported better-than-expected second quarter earnings and raised its full-year 2024 revenue guidance, as the online sports betting and gaming company continues to see strong customer growth and engagement. DKNG shares were trading marginally lower, down 0.25% following the report.
The company posted adjusted earnings per share of $0.22 for Q2, significantly beating analyst estimates of a $0.01 loss per share. Revenue came in at $1.1 billion, roughly in line with expectations of $1.11 billion and up 26% YoY.
DraftKings raised its 2024 revenue guidance to a range of $5.05 billion to $5.25 billion, up from its previous outlook of $4.8 billion to $5.0 billion. The new guidance represents 38-43% YoY growth.
However, the company lowered its 2024 adjusted EBITDA guidance to between $340 million and $420 million, down from $460 million to $540 million previously.
"We very efficiently acquired many more new customers than we expected and saw continued healthy existing customer engagement in the second quarter," said Jason Robins, DraftKings' CEO.
The company's board also authorized a $1 billion share repurchase program, reflecting confidence in its long-term outlook.
DraftKings maintained its 2025 adjusted EBITDA target of $900 million to $1 billion.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.