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Nov 5 2021, 13:00 GMT
DraftKings’ (DKNG) Q3 results — sales $213m (versus Davy $250m) and EBITDA -$314m (versus Davy -$255m) — are below our expectations. Its performance was impacted by unfavourable sporting results in the quarter, while it must also be said that Q3 revenues are in line with its guidance. However, a softer revenue performance and greater-than-expected loss will provide little comfort to investors given the current competitive environment in the US. On first glance, we are likely to modestly adjust our FY21 forecasts downwards, although FY22 revenue guidance suggests there may be some upside to ‘top line’ expectations in the coming year.
Nov 5 2021, 13:00 GMT