DraftKings revenue up 30% for Q1
DraftKings reported a 30% year-on-year growth in net revenue for Q1 2020 amid the effects of COVID-19.
In its Q1 report, DraftKings generated $89m in revenue compared to $68m for Q1 2019.
DraftKings reported its first earnings since merging with SB Tech to become a public company. DraftKings went public on April 23.
DraftKings lost 18 cents per share, worse than Wall Street’s projection.
Jason Robins, CEO of DraftKings, said that the current environment of sports league closures won’t affect long term growth. Robins touted the $450m+ of cash on the company’s balance sheet.
“Certainly the current environment of major sports leagues and major sporting events has created short term revenue headwinds for the business,” Robins said. “Our long term growth expectations remain unchanged and under certain scenarios may even accelerate.
“While no one can predict exactly how COVID-19 will affect the world and for how long, we are confident that when sports return, DraftKings will be ready.”
DraftKings stock jumped more than 14% on Friday, an indication that investors are bullish on the company’s long term potential.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
