DraftKings sank more than 5% in premarket trading Friday after it said its loss for the second quarter widened despite strong revenues and a turnaround in user engagement.
The Boston-based gambling company posted a second-quarter loss of $161.4 million, or 55 cents per share, compared to a loss of $28.11 million, or 15 cents per share, the same quarter last year. Analysts polled by Dow Jones had expected a per-share loss of 20 cents.
The company’s worst-than-expected income figures came as Covid-19 continued to derail scores of professional and college sports leagues as efforts to contain the coronavirus force athletes and fans home.
Shares fell 6% in morning trading after the release of the earnings report.
Though the popular stock…
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