Shares of DraftKings (NASDAQ:DKNG) gained over 6% in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at a loss of $0.53, which beat analysts’ consensus estimate of a loss of $0.62 per share.
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Sales increased by 80.8% year-over-year, with revenue hitting $855 million. This beat analysts’ expectations of $849.25 million.
DraftKings saw Monthly Unique Payers reach 2.6 million on average in the fourth quarter of 2022. That’s up 31% from the fourth quarter of 2021. Meanwhile, the average revenue from those Monthly Unique Payers hit $109, which was up 42% from the same time the preceding year.
Looking forward, management now expects revenue of between $2.85 billion and $3.05 billion for fiscal year 2023. That’s up slightly from the original range of $2.8 billion to $3 billion. Management also anticipates an EBITDA loss between $350 million and $450 million, though it looks for positive EBITDA by fiscal year 2024.
Overall, Wall Street has a consensus price target of $18.33 on DoorDash, implying 2.92% upside potential, as indicated by the graphic above.
