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Why DraftKings Is Falling Today

TheMotleyFool

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Shares of DraftKings (NASDAQ: DKNG) are falling 5% in morning trading after the sports-wagering outfit reported second-quarter results that struck out on hitting analyst earnings expectations.

Although revenue was up 24% to $70 million as it got creative, developing new products for NASCAR, golf, and other sports not traditionally in the mainstream of sports betting, expenses rose much faster, particularly stock-based compensation for chair and CEO Jason Robins, which caused general and administrative costs to triple.

Image source: Getty Images.

Source Fool.com

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