DraftKings Inc. (NASDAQ: DKNG) said on Friday that its revenue in the fiscal fourth quarter came in better than last year on the back of an increase in the number of monthly unique players. The company, however, still reported a wider than expected loss in Q4.
DraftKings shares were reported about 4% up in premarket trading on Friday. Including the price action, the stock is now exchanging hands at a per-share price of £43.61 versus £32.11 per share at the start of the year 2021. If you want to invest in the stock market online, you will need a reliable stockbroker – here’s a list of the top few to make selection easier for you.
DraftKings’ Q4 financial results versus analysts’ estimates
DraftKings said that it concluded the fourth quarter with £190.70 million of net loss. In Q4 of last year, its loss was capped at a much lower £20.87 million. On an adjusted basis, the Boston-based firm lost 17.18 pence per share in the recent quarter.
The sports betting operator valued its revenue in the fourth quarter at £230.65 million – a significant increase from £93.70 million in the same quarter last year. In comparison, experts had forecast the company to report £166.94 million of revenue in Q4.
At £123.98 million, general and administrative costs, as per DraftKings, were sharply higher than last year’s £33.42 million. The U.S. firm also said on Friday that its business-to-consumer segment saw a year over year increase of 44% in monthly unique paying customers. On average, it had 1.5 million monthly unique payers in Q4.
In separate news from the United States, sportswear and footwear retailer, Foot Locker Inc., also published its earnings report for the fiscal fourth quarter on Friday.
DraftKings’s average revenue per monthly paying customer jumps 55%
As per DraftKings, it generated £46.53 of revenue on average per monthly unique payer in the fourth quarter, that represents a 55% annualised growth. The Nasdaq-listed company reported increased engagement from users in the recent quarter with its mobile sports betting products and iGaming.
In the prior quarter (Q3), DraftKings had noted an even broader 64% annualised growth in its monthly paying users, as per the report published in November.
DraftKings performed massively upbeat in the stock market last year with an annual growth of more than 350%. At the time of writing, it is valued at £16.77 billion.
The post DraftKings reports £190 million of net loss in the fourth quarter appeared first on Invezz.
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Wajeeh Khan
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