By Angela Palumbo
DraftKings stock was rising even after the company missed fourth-quarter financial expectations.
The online sports betting company reported a fourth-quarter loss of 28 cents a share on revenue of $1.39 billion. Analysts surveyed by FactSet were expecting a loss of 17 cents a share on revenue of $1.4 billion.
In the same period last year, DraftKings posted a loss of 10 cents a share on revenue of $1.23 billion.
Shares were up 5.2% after the report as the company said it was raising the midpoint of its 2025 revenue guidance to between $6.3 billion to $6.6 billion, compared to its previous outlook of $6.2 billion to $6.6 billion.
Monthly unique payers increased to 4.8 million in the fourth quarter, an increase of 36% from the previous year.
"We continued to efficiently acquire and engage customers, expand structural sportsbook hold percentage and optimize promotional reinvestment in fiscal year 2024, while we simultaneously experienced customer-friendly sport outcomes," CEO Jason Robins said in the earnings report.
DraftKings isn't the only company to experience "customer friendly outcomes," where users win big on their bets. FanDuel parent Flutter Entertainment cut its fourth-quarter U.S. guidance in January, and said that the current NFL season "has been the most customer-friendly since the launch of online sports betting."
Write to Angela Palumbo at angela.palumbo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 13, 2025 16:43 ET (21:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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