DraftKings Q1 results: ‘we haven’t seen any impact from inflation’

DraftKings Inc (NASDAQ: DKNG) reported better-than-expected revenue for its fiscal first quarter on Friday. Shares still slid 8.0% as increased expense made it lose more money on a year-over-year basis.

Notable figures in DraftKings Q1 earnings report

• Lost $467.7 million in Q1 versus the year-ago figure of $346.3 million.
• Per-share loss of $1.14 was worse than 87 cents a share last year.
• Adjusted per-share loss stood at 74 cents in the recent financial quarter.
• Revenue jumped 34% to $417 million, as per the earnings press release.
• Consensus was for adjusted per-share loss of $1.09 on $412 million in revenue.
• Ended the quarter with 2 million monthly unique payers, up 29% YoY.
• $67 of average revenue per payer was 11% higher than the same quarter last year.

DraftKings cited strong customer acquisition, engagement, and retention for top-line growth in fiscal Q1.

Future outlook and CEO’s interview on CNBC

Also on Friday, DraftKings raised its guidance for full-year revenue to $1.93 billion - $2.03 billion on up to $840 million in adjusted EBITDA loss. On CNBC’s “Squawk on the Street”, CEO Jason Robbins said:

The stock is now down 50% for the year. DraftKing’s 2022 outlook doesn’t factor in the Golden Nugget acquisition and the upcoming launch in Ontario, Canada. The chief executive added: