Fri, Aug 2, 11:21 AM (88 days ago)
DraftKings Inc.'s Q2 2024 financial results reflect a significant improvement in financial health and performance. The company reported revenue of $1,104.4 million, a 26.2% increase from Q2 2023, driven by strong player retention, acquisition, and the expansion of the Sportsbook product offering into new jurisdictions. The acquisition of Jackpocket also contributed to revenue growth. Net income for the quarter was $63.8 million, compared to a net loss of $77.3 million in Q2 2023. This improvement was due to higher revenue and a gain on the remeasurement of warrant liabilities. Adjusted EBITDA was $128 million, indicating operational efficiency. Key performance metrics showed a 50% increase in Monthly Unique Payers (MUPs), although Average Revenue per MUP (ARPMUP) decreased by 15% due to promotional investments and the integration of Jackpocket's lower ARPMUP customers. DraftKings also announced a $1 billion stock repurchase program and discontinued its Reignmakers and NFT Marketplace operations. The company remains involved in various legal proceedings, but management does not expect these to have a material adverse effect on financial condition.