{"id":755362,"date":"2023-05-04T18:55:03","date_gmt":"2023-05-04T22:55:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/draftkings-reports-first-quarter-revenue-of-770-million-raises-2023-revenue-guidance-midpoint-to-3-185-billion-and-improves-2023-adjusted-ebitda-guidance-midpoint-to-315-million\/"},"modified":"2023-05-04T18:55:03","modified_gmt":"2023-05-04T22:55:03","slug":"draftkings-reports-first-quarter-revenue-of-770-million-raises-2023-revenue-guidance-midpoint-to-3-185-billion-and-improves-2023-adjusted-ebitda-guidance-midpoint-to-315-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/draftkings-reports-first-quarter-revenue-of-770-million-raises-2023-revenue-guidance-midpoint-to-3-185-billion-and-improves-2023-adjusted-ebitda-guidance-midpoint-to-315-million\/","title":{"rendered":"DraftKings Reports First Quarter Revenue of $770 Million; Raises 2023 Revenue Guidance Midpoint to $3.185 Billion and Improves 2023 Adjusted EBITDA Guidance Midpoint to ($315) Million"},"content":{"rendered":"

\nExpects to be Approximately Breakeven on an Adjusted EBITDA Basis in the Second Quarter of 2023
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BOSTON, May 04, 2023 (GLOBE NEWSWIRE) — DraftKings Inc. (Nasdaq: DKNG) (\u201cDraftKings\u201d or the \u201cCompany\u201d) today announced its first quarter 2023 financial results. The Company also posted a first quarter 2023 business update and an earnings presentation on the Investor Relations section of its website at investors.draftkings.com.<\/p>\n

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\n First Quarter 2023 Highlights<\/u>
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For the three months ended March 31, 2023, DraftKings reported revenue of $770 million, an increase of 84% compared to $417 million during the same period in 2022 driven primarily by efficient acquisition of new customers, product innovation driving higher hold percentage, decreased promotional intensity in more mature states, and continued healthy customer retention.<\/p>\n

“DraftKings\u2019 first quarter performance \u2013 84% year-over-year revenue growth and share gains underpinned by a relentless focus on operational efficiency \u2013 demonstrates that this is a company positioned for sustained success,\u201d said Jason Robins, DraftKings\u2019 Chief Executive Officer and Co-founder. \u201cWe delivered highly successful online sportsbook launches in Ohio and our home state of Massachusetts and continued to create meaningful product differentiation driven by in-house innovations. We acquired customers faster and more efficiently and, importantly, saw healthy retention across cohorts. Looking at the remainder of 2023, I am confident DraftKings is well-positioned to achieve profitability on an Adjusted EBITDA basis in the near-term and deliver long-term value for our shareholders.\u201d<\/p>\n

\u201cStrong execution across the organization is showing up in our results,\u201d added Jason Park, DraftKings\u2019 Chief Financial Officer. \u201cRevenue grew at a healthy rate due to core drivers around customer acquisition, retention and monetization, including decreased promotional intensity and higher structural hold. In addition, our efficiency efforts produced clear results as demonstrated by significant year-over-year increases in gross margin and Adjusted EBITDA. Therefore, we are increasing the midpoint of our fiscal year 2023 revenue guidance to $3.185 billion from $2.95 billion and improving the midpoint of our fiscal year 2023 Adjusted EBITDA guidance to ($315) million from ($400) million.\u201d<\/p>\n

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\n Continued Healthy Growth in Customer Retention, Acquisition, and Engagement<\/u>
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