Shares of DraftKings (NASDAQ: DKNG) jumped 7% in after-hours trading on Thursday. The late gain came after shares rose 6.43% in standard trading hours and after the gaming company again raised its 2024 guidance.
Related With its third-quarter earnings report, America's second-largest online sportsbook operator told investors it now expects a loss in 2024, reports https://besttour.com.ua/obzor-elslots. This is based on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $105 million on revenue of $3.695 billion. This compares to previous guidance calling for an EBITDA loss of $205 million on revenue of $3.5 billion.
DraftKings' financial guidance through 2023 has improved significantly. Earlier this year, the sportsbook operator raised the median of its 2024 sales forecast to $3.185 billion from $2.95 billion, and the median expected earnings before interest, taxes, depreciation and amortization (EBITDA) loss this year will be $315 million, compared from $400 million. Improved operating efficiency is behind the increase in 2024 guidance.
The September debut of online sports gaming in Kentucky helped the operator in the third quarter. Maine and North Carolina could have a similar positive impact in the current quarter and into 2025.
With the company's shares up 154.43% year-to-date and some analysts considering them too expensive, DraftKings bears the weight of a certain load in the form of a positive forecast"what will happen next". The operator may have achieved that goal with new 2025 EBITDA and revenue guidance.
Boston-based DraftKings forecast positive 2025 EBITDA of between $350 million and $450 million dollars with sales ranging from 4.5 to 4.8 billion dollars. This means the gaming company could be EBITDA profitable for most, if not all, of 2025, easily breaking sales records.
The company also expects the current quarter to be EBITDA positive and will be 200 million dollars.
