Shares of DraftKings fell more than 20% Friday morning after it posted fourth-quarter earnings that beat analyst estimates for the quarter but revealed the company expects a greater adjusted loss for 2022 than analysts had projected.
Here’s what the company reported:
- Loss per share: 35 cents, ex-items vs 81 cents estimated, according to a Refinitiv survey of analysts
- Revenue: $473 million vs $445 million estimated, according to Refinitiv
But DraftKings said it expected an adjusted EBITDA loss for 2022 between $825 million and $925 million, much higher than the estimated adjusted EBITDA loss of $572.7 million, according to StreetAccount.
The company showed that it’s spending more on marketing…