DraftKings (DKNG) released the fourth-quarter earnings report that disappointed investors.
DraftKings net loss reached $326.3 million from $242.7 million, while the losses per-share widened to 80 cents from 69 cents.
Fourth-quarter revenue came at $473 million beating the expectations of $445.3 million.
The cost of revenue increased 59.0% to $253.2 million and sales and marketing rose 45.1% to $278.4 million.
Monthly unique DraftKings players increased 32% and average revenue per monthly unique player grew 19%.
DKNG raised the fiscal 2022 revenue guidance from a range of $1.7 billion to $1.9 billion to a range of $1.85 billion to $2.0 billion.
DraftKings (DKNG) stock is trading 14.32% lower at $22.06 in premarket trading.
