DraftKings Reports 44% Revenue Growth but Falls Short of Estimates
DraftKings reported a 44% increase in revenue but fell short of Wall Street estimates, citing unfavorable NFL game outcomes as a factor. Despite this, CEO Jason Robins highlighted the company's strong customer experience and increased fiscal year 2024 guidance. The company's quarterly performance showed a net loss of $44.6 million, an improvement from the previous year, and an increase in average monthly unique payers. DraftKings also announced plans to acquire lottery app Jackpocket for approximately $750 million, aiming to tap into the lottery industry's massive customer base.