Summary by Moomoo AI
DraftKings, a digital sports entertainment and gaming company, reported a significant increase in revenue for the quarter ended June 30, 2024. Revenue rose to $1.1 billion, a 26.2% increase from the $874.9 million reported in the same quarter of the previous year. The company also saw a turnaround in net income, posting a profit of $63.8 million compared to a loss of $77.3 million in the prior year's quarter. Adjusted EBITDA for the quarter was $127.9 million, up from $73 million in the previous year. The company attributed the revenue growth to strong customer engagement, efficient new customer acquisition, expansion into new jurisdictions, and the acquisition of Jackpocket Inc. Despite the positive financial performance, DraftKings announced the discontinuation of Reignmakers and its NFT Marketplace as of July 30, 2024, stating...Show More
