DraftKings Stock (DKNG) Gains
Shares of DraftKings (DKNG) are up 2.5% in morning trading on January 27, 2023, a day after the company reported Q4 2022 earnings that topped analyst expectations.
According to the press release, DraftKings reported revenue of $698 million in Q4 2022, a 22% increase from the same period in 2021. Net income, however, declined to $21.8 million from $28.8 million a year ago.
"We're pleased with our Q4 performance, which demonstrates our ability to execute on our growth strategy and drive revenue growth," said Jason Robins, CEO of DraftKings.
Analysts have responded positively to the company's earnings, with Bank of America raising its price target to $35 from $30, citing DraftKings' "strong execution" and "growth prospects."