DraftKings Inc. (NASDAQ:DKNG) shares are edging higher Friday morning as traders digest mixed Q2 results and upbeat commentary around its Predictions product.
- DraftKings stock is moving in positive territory. What’s pushing DKNG stock higher?
What’s Driving DraftKings’ Q2 Earnings Results?
DraftKings reported second-quarter revenue of $1.44 billion (down 5% year-over-year) that missed the $1.52 billion Street view, while EPS came in at 9 cents versus expectations of 2 cents. Management kept full-year revenue guidance at $6.5 billion to $6.9 billion and Adjusted EBITDA guidance at $700 million to $900 million.
“We delivered a strong second quarter and enter the back half of the year with real momentum, as our core business grew across handle, users, and engagement,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder.
“Our Super App is now live nationwide, and Predictions is already growing faster than we anticipated. The similarity of Predictions customer metrics to Sportsbook customer metrics, our advantaged LTV position and our playbook to innovate on a leading Predictions offering all underpin our confidence that we can win the category this NFL season and beyond.”
DraftKings Stock Price Movement on Friday
DKNG Stock Price Activity: DraftKings shares were up 4.83% at $23.25 at the time of publication on Friday, according to Benzinga Pro data.
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