DraftKings Inc. (DKNG) is currently down nearly 5.40% in the open market after the company reported a larger than expected loss for it Q2 results (June-30). DraftKings Inc. (DKNG) reported a loss of of $161.4 Mio, equivalent to 0.55 per share.
Analysts were expecting a loss of $28.1 Mio or 0.15 per share for DraftKings Inc. (DKNG). However, on a bright note, revenue rose to $70.9 Mio from a previous of $66.4 Mio. At the end of quarter, DraftKings Inc., reported nearly $1.2 billion in cash. A bright spot, the company witnessed an increase in user engagement at the ladder end of the quarter, as sporting events began there return.
Importantly, the company does not expect to see a large impact on the longterm plans out the organization due to the Covid pandemic. Despite todays stock price action, the company has out preformed the market year to date, as shares have gained greater than 230% for 2020.