DraftKings Q3 Preview: Record NFL Betting Expected
DraftKings Inc (NASDAQ: DKNG), a leading sports betting company, is set to report its third-quarter financial results Thursday after the market closes. The company is expected to emphasize its moves in the prediction market sector alongside its earnings.
Third-Quarter Earnings Estimates
- Revenue is projected at $1.23 billion, an increase from $1.09 billion in the same quarter last year, according to Benzinga Pro data.
- DraftKings has outperformed analyst revenue estimates in five of the past ten quarters, including the recent second quarter.
- Loss per share is expected to widen to 40 cents from 17 cents per share a year ago.
- The company has exceeded earnings per share estimates in nine of the last ten quarters.
Analyst Commentary
"Bank of America Securities analyst Shaun C. Kelley downgraded both DraftKings and peer company Flutter Entertainment (NYSE:FLUT) ahead of their upcoming earnings reports."
Key Points to Watch
- DraftKings’ strategy and competition within the prediction market space, including details on its recent acquisition.
- How overall growth in the prediction market sector might affect DraftKings’ future results.
- Technical stock performance, as DraftKings is testing key support levels.
Investors and analysts are keenly observing these factors to assess DraftKings' positioning in a competitive and evolving market.
Author's summary: DraftKings is poised to report strong NFL betting revenue growth in Q3 with focus on its prediction market strategies amid mixed analyst sentiment and competitive pressures.