===DraftKings (DKNG) reported earnings on Fri 4 Nov 22 (b/o)

 

 DraftKings reports Q3 net loss above consensus; guides FY22 revs above consensus; guides FY23 revs in-line 

• Company reported a fiscal Q3 net loss of ($450.5) mln or ($1.00) per share versus prior year net loss of ($545.0) mln. Q3 Capital IQ consensus ($1.06). Q3 adjusted EBITDA was ($264.2) mln versus prior year ($313.6) mln.
• "We are increasing the midpoint of our fiscal year 2022 revenue guidance by $45 million and improving the midpoint of our fiscal year 2022 Adjusted EBITDA guidance by $10 million, which is a meaningful improvement given our prior fiscal year 2022 Adjusted EBITDA guidance did not include our launch in Kansas on September 1, 2022, or fourth quarter investments ahead of our expected launches in Maryland and Ohio, pending licensure and regulatory approvals. We are also introducing 2023 guidance for revenue and Adjusted EBITDA which reflects our continued balance between driving attractive revenue growth and meaningfully improving our Adjusted EBITDA." 
• Co issues upside guidance for FY22, sees FY22 revs of $2.16-2.19 bln vs. $2.14 bln S&P Capital IQ Consensus. The Company now expects a fiscal year 2022 Adjusted EBITDA loss of between $800 million and $780 million compared to its prior fiscal year 2022 Adjusted EBITDA guidance of a loss of between $835 million and $765 million. 
• Co issues in-line guidance for FY23, sees FY23 revs of $2.8-3.0 bln vs. $2.81 bln S&P Capital IQ Consensus. DraftKings is also introducing fiscal year 2023 Adjusted EBITDA guidance of a loss of between $575 million and $475 million.