DraftKings Inc. (DKNG) stock plummeted 18.18% in the pre-market trading session at the price of $18.05 after reporting its earnings report for the fourth quarter of 2021. DraftKings is a digital gaming and sports entertainment corporation. It was formed to fuel the energy of sports fans with products ranging across regulated gaming, daily fantasy, and digital media.
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DKNG Fourth Quarter 2021 Financial Results
On 18th February 2022, DKNG announced its earnings report for Q4 and full-year ended 31st December 2021. For the Q4 ended 31st December 2021, DKNG calculated total revenue of $473M. It represents a 47% surge from $322M during the same quarter of 2020. Average Revenue per MUP totaled $77 for the Q4 of 2021, representing a gain of 19% compared to the Q4 of last year. For the fiscal year 2022, DraftKings expects its revenue to range from $1.85B to $2.0B. The company anticipates its Adjusted EBITDA loss ranging from $825M to $925M.
Chief Executive Officer of DKNG, Jason Robins, commented that their strong Q4 performance had surpassed their expectations. The outstanding quarter capped off a year in which their five states were Contribution Profit positive. It further confirms the efficacy of their state playbook and supports the bright future of the industry’s TAM. DKNG is all set to bolster its multi-product suite of offerings, optimize its user experience, and further raise its market share.
Chief Financial Officer of DraftKings, Jason Park, added that they had increased revenue to $473M during the quarter. Their key performance indicators showed acquisition, cross-selling, and excellent player retention in the fourth quarter. They had raised their 2022 revenue guidance to $1.93 Billion given the strong performance trends.
DKNG Scheduled Virtual Investor Day
Earlier on 10th February 2022, DKNG has scheduled to host a virtual Investor Day on 3rd March 2022, Thursday, at 9:00 a.m. ET. The conference has expected to last for two hours. CEO and Chairman of the Board, Jason Robins, will present at the DraftKings virtual Investor Day. Registration for the event will be available at the DKNG’s Investor Relations website.