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DraftKings shares soared Friday after the online sports betting platform reported fourth-quarter earnings that topped analysts’ estimates.
The company also boosted the lower end of its revenue outlook as it added customers and benefited from its purchase of rival Jackpocket.
With Friday’s gains, the stock has climbed more than 40% since the start of the year.
DraftKings (DKNG) shares soared Friday after the online sports betting platform topped profit estimates and boosted its outlook as it added customers and benefited from its purchase of rival Jackpocket.
The company raised the lower end of its revenue forecast for 2025 to $6.3 billion to $6.6 billion, from $6.2 billion to $6.6 billion previously.
For the fourth quarter of 2024, DraftKings posted adjusted earnings per share (EPS) of 14 cents, double the analyst consensus compiled by Visible Alpha. Revenue rose 13.2% year-over-year to $1.39 billion, just slightly below projections.
The results came as the company said its monthly unique players jumped 36% to 4.8 million. DraftKings also pointed to its expansion into new jurisdictions, and the impact of its acquisition of Jackpocket.
As with rival Flutter (FLUT), which operates the FanDuel betting platform, DraftKings suggested its performance was held back by bettors winning too many wagers on National Football League (NFL) games.
Shares of DraftKings were up nearly 14% in intraday trading Friday and have gained more than 40% since the start of the year.
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