NASDAQ$DKNG
Draftkings Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported an increase in revenue driven by efficient customer acquisition, product innovation, higher hold percentage, decreased promotional intensity and healthy customer retention.
DraftKings reported a strong first quarter with revenue reaching $770 million, an 84% increase year-over-year. The company is raising its 2023 revenue guidance midpoint to $3.185 billion and improving its Adjusted EBITDA guidance midpoint to ($315) million.
- Revenue increased 84% year-over-year to $770 million.
- Monthly Unique Payers (MUPs) increased 39% year-over-year to 2.8 million.
- Average Revenue per MUP (ARPMUP) increased 35% year-over-year to $92.
- Increased fiscal year 2023 revenue guidance to a range of $3.135 billion to $3.235 billion and improved fiscal year 2023 Adjusted EBITDA guidance to between ($290) million and ($340) million.
Headline financials
Revenue & EPS history
DraftKings · Revenue · Quarterly
$770M
Forward guidance
DraftKings is raising its fiscal year 2023 revenue guidance to a range of $3.135 billion to $3.235 billion and improving its fiscal year 2023 Adjusted EBITDA guidance to between ($290) million and ($340) million.
Tailwinds
- Increased fiscal year 2023 revenue guidance to a range of $3.135 billion to $3.235 billion.
- Improved fiscal year 2023 Adjusted EBITDA guidance to between ($290) million and ($340) million.
- Expects to be Approximately Breakeven on an Adjusted EBITDA Basis in the Second Quarter of 2023
- Strong unique payer retention.
- Expansion of Sportsbook and iGaming products into new jurisdictions.
Headwinds
- The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof.
- Changes in applicable laws or regulations, particularly with respect to gaming
- General economic and market conditions impacting demand for DraftKings’ products and services
- Economic and market conditions in the media, entertainment, gaming, and software industries in the markets in which DraftKings operates
- Potential adverse effects of the global coronavirus pandemic (or the emergence of additional variants or strains thereof)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.8%
Avg return
Earnings day
+1.4%
Avg return
5 days after
+3.4%
Avg return
30 days after
63%
17 / 27 earnings
Positive
+23.9%
Q3 2023
Best reaction
-24.7%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | -2.4% | -3.2% | |
| Q4 2025 | -13.5% | -7.8% | +2.8% | |
| Q3 2025 | +8.6% | +12.6% | +21.5% | |
| Q1 2025 | +2.5% | +8.2% | +1.3% | |
| Q4 2024 | +15.2% | +9.3% | -18.5% | |
| Q3 2024 | +4.9% | +9.0% | +15.7% | |
| Q2 2024 | -13.3% | -15.1% | -6.6% | |
| Q1 2024 | +0.0% | +3.5% | -16.0% | |
| Q4 2023 | +1.6% | -5.8% | -4.8% | |
| Q3 2023 | +23.9% | +32.0% | +43.2% | |
| Q2 2023 | +5.0% | +4.9% | -2.0% | |
| Q1 2023 | +12.1% | +11.2% | +13.7% | |
| Q4 2022 | +15.5% | +12.3% | +0.5% | |
| Q3 2022 | -24.7% | -25.6% | -1.1% | |
| Q2 2022 | +12.7% | +18.3% | -5.3% | |
| Q1 2022 | -23.9% | -28.9% | -11.9% | |
| Q4 2021 | -15.7% | -11.0% | -11.1% | |
| Q3 2021 | +0.2% | -8.1% | -36.5% | |
| Q2 2021 | +3.7% | +3.4% | +20.9% | |
| Q1 2021 | -12.6% | -18.8% | -3.0% | |
| Q4 2020 | +18.9% | +13.7% | +10.0% | |
| Q3 2020 | +3.6% | +15.6% | +21.4% | |
| Q2 2020 | -3.8% | +0.6% | +15.0% | |
| Q1 2020 | +16.8% | +17.3% | +45.7% | |
| Q4 2019 | -14.1% | -11.1% | +0.1% | |
| Q3 2019 | +0.0% | -0.5% | +0.0% | |
| Q2 2019 | +0.2% | +0.2% | +0.9% | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — |
Discussion
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