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May 6 2022, 15:25 IST/BST
DraftKings
Better-than-expected start to challenging year
- Sectors : Gaming
- Companies : DraftKings
DAVY VIEW
DraftKings’ Q1 EBITDA loss is better than both guidance and consensus expectations. It means it has navigated the first quarter of a challenging year on a modestly better trajectory than it warned in February. Versus our expectations, the better profit outcome is explained by a lower sales and marketing spend (on the conference call, the company suggested the competitive environment and its own cost outlook are improving). It has upgraded its FY22 EBITDA guidance (+$75m at midpoint, of which c.$40m relates to Q1).
