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DraftKings drops after quarterly results miss, dour forecast

By Reuters News

** Online gaming company DraftKings' DKNG.O shares fall 28% to $16.93 in morning trading, hitting their lowest since February

** DKNG missed Wall Street estimates for third-quarter profit and revenue on Thursday evening as increased spending on iGaming weighed on profitability

** Co also lowered its outlook on heavier-than-expected investment in prediction markets

** "With the core business generating its intended output, the significant investment in prediction markets business obfuscates the earnings power, which is a near term negative for the shares," Jefferies analysts said in note

** DKNG cut 2026 revenue forecast to $6.35 billion - $6.55 billion, from $6.5 billion - $6.9 billion

** Sees 2026 adj. EBITDA between $175 million - $275 million from prior view of $700 million - $900 million

** Posts Q3 revenue $1.33 billion versus analysts' estimate of $1.4 billion, according to data compiled by LSEG

** Adj. loss per share of 53 cents surpassed estimated loss of 39 cents

** Including session moves, stock down nearly 51% YTD

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