DraftKings cuts Q3 losses, but shares plummet as 2023 projections spook market
DraftKings reported a 135.8% revenue increase to $501.9m and reduced losses in Q3, but projections for 2023 have led to its share price tumbling.
As expected, B2C operations made up almost all of the revenue – at $492.8m, up by 160.6%. B2B, from the former SBTech business, made up the remaining $9.0m – a dip of 62.6%.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $264.2m, down by 15.7%.
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