DraftKings Reports Strong Revenue Growth and Raises 2023 Outlook
Fourth Quarter Revenue Surges 47%, Midpoint of 2023 Guidance Increased
Boston, MA -- March 14, 2023 - DraftKings Inc. (Nasdaq: DKNG), a leading digital sports entertainment and gaming company, today announced its financial results for the fourth quarter and full year ended December 31, 2022.
Key Financial Highlights
Fourth Quarter 2022:
- Revenue of $855 million, an increase of 47% year-over-year.
- Monthly Unique Players (MUPs) of 2.3 million, an increase of 31% year-over-year.
- Loss per share of $0.81.
Full Year 2022:
- Revenue of $2.3 billion, an increase of 32% year-over-year.
- MUPs of 2.1 million, an increase of 24% year-over-year.
- Loss per share of $3.47.
Management Commentary
"We delivered another strong quarter of revenue growth, driven by our continued focus on innovation and customer acquisition," said Jason Robins, Co-Founder, CEO and Chairman of the Board of Directors of DraftKings. "Our fourth quarter results exceeded our expectations, and we are raising our 2023 revenue guidance midpoint to $2.95 billion. We remain confident in our ability to continue to grow our business and deliver value for our shareholders."
Outlook
DraftKings provided the following guidance for 2023:
- Revenue in the range of $2.85 billion to $3.05 billion, with a midpoint of $2.95 billion.
- Adjusted EBITDA in the range of $(525) million to $(625) million.
- MUPs in the range of 2.4 million to 2.6 million.
Comments