DraftKings' stock soared Friday morning to double digits in the first 30 minutes to a share price not seen since November 2021, thanks to a promising earnings report at Thursday’s close.
As of 12 p.m. ET, DK was at $31.25 per share, roughly double the price of the stock just six months ago.
DraftKings reported an 88% increase in quarterly revenue compared with the same period last year, while beating analyst estimates by 14%.
The sportsbook raised the midpoint of its 2023 fiscal year guidance by 10% and continued to tell investors that it would be profitable in 2024.
"We are acquiring new customers efficiently while simultaneously retaining and monetizing our existing players through rapid product innovation, less promotions, and higher hold from better bet mix,” said DraftKings CFO Jason Park in a statement. “Our unit economics are outstanding with older states generating more than enough cash to fund investment in new states.”
DraftKings continue to command the No. 2 spot in legal sports gambling across America, trailing competitor FanDuel in marketshare, handle and profit.
Outside of sports betting, DraftKings benefits by being No. 1 in iGaming, thanks in part to its Golden Nugget acquisition.
